SE Asia Stocks-Mixed ahead of ECB decision; Indonesia at over 1-week low
BANGKOK, March 10 (Reuters) - Southeast Asian stock markets were mixed on Thursday as investors awaited the European Central Bank meeting decision, with Indonesia sliding to over a one-week low on foreign selling in large caps while Malaysia rebounded from two days of losses. Asian stocks rose after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies. Jakarta composite index was down 0.7 percent at 4777.79, the lowest since March 1, on resuming trade after a public holiday. Foreigners were net sellers of select large caps such as Telkom Indonesia and Bank Rakyat Indonesia. In Bangkok, the key SET index eased 0.4 percent, led down by index heavyweight energy shares such as PTT along with a dip in global oil prices. The SET index hovered near a more than three-month high hit early in the week amid extensive foreign inflows. "There should be more foreign fund inflows on hopes the ECB will raise QE limit and cut deposit rates to boost the economy and the Fed would delay a rate hike," strategists at broker Krungsri Securities said in a report. Stocks in the Philippines outperformed, climbing more than 1 percent and touching the highest since Dec. 2 at one point. Data showed Philippine exports for January fell for a tenth straight month, down 3.9 percent. Malaysia was up 0.4 percent after two days of declines. Banking shares, among interest rate-sensitive stocks, rebounded after the central bank kept its key interest rate at 3.25 percent as expected on Wednesday. Malayan Banking was among active traded stocks, with a 1.4 percent gain. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0412 GMT Market Current Prev Close Pct Move Singapore 2816.77 2810.43 +0.23 Kuala Lumpur 1691.57 1686.35 +0.31 Bangkok 1385.06 1390.66 -0.40 Jakarta 4777.79 4811.04 -0.69 Manila 7032.48 6948.18 +1.21 Ho Chi Minh 572.51 571.71 +0.14 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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