August 13, 2018 / 10:20 AM / a month ago

SE Asia Stocks-Most fall as investors flee emerging markets; Indonesia slumps

    * Indonesia declines most since November 2016
    * Most regional currencies also slide
    * Philippine shares close 2.2 pct lower

    By Aaron Saldanha
    Aug 13 (Reuters) - Most Southeast Asian stock markets fell
on Monday as they bore the fallout from an emerging-market
selloff that originated in Turkey.
    The Turkish lira and the Indian rupee 
hit all-time lows against the U.S. dollar, while a slide in the
Indonesian rupiah to a near three-year low prompted
intervention by the central bank.

    "Emerging markets have very weak current account balances
which would have a very negative impact," said Taye Shim, head
of research at Jakarta-based Mirae Asset Sekuritas.
    "That is prompting investors to reassess their investment
thesis on emerging markets as we really don't know how it is
going to play out."
    The lira has declined more than 40 percent against the
dollar this year amid concerns about President Tayyip Erdogan's
influence over the economy, his repeated calls for lower
interest rates, and worsening ties with the United States.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 dropped as much as 1.9 percent on Monday.
    In Southeast Asia, Indonesian shares slumped 3.6
percent, their biggest single-day drop since Nov. 11, 2016, with
financials leading the decline. 
    Bank Central Asia fell 2.3 percent, while PT
Telekomunikasi Indonesia Tbk, the country's largest
telecom firm, lost 3.7 percent.
    An index of the country's 45 most liquid stocks
dropped 4.1 percent.
    The rupiah plunged 1.07 percent to its weakest since October
2015 in intraday trade after data showed on Friday the country's
current account deficit in the second quarter swelled to the
largest in nearly four years.
    In neighbouring Malaysia, the key stock index fell
1.2 percent with all sectors in negative territory. Telecom
services and utility stocks led the decline, with electricity
utility Tenaga Nasional Bhd ending 1.4 percent lower.
    Philippine stocks fell 2.2 percent to their lowest
close since July 25 with all but three stocks in the red.
    Food-to-petrochemicals holding firm JG Summit Holdings Inc
 slumped 6.8 percent, making it the top loser on the
benchmark stock index. 
    Singapore shares dropped 1.2 percent to their lowest
close in nearly four weeks in broad-based losses.
    Oversea-Chinese Banking Corp and fellow lender DBS
Group Holdings were the biggest drags on the
city-state's benchmark stock index. OCBC shed 2 percent, while
DBS lost 1.5 percent. 
    Revised data showed Singapore's economy grew slower than
initial estimates in April-June on a quarter-on-quarter basis,
as the government flagged a likely moderation in growth in the
second half.
    Thailand was closed for a holiday.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change on the day    
  Market           Current     Previous close    Pct Move
  Singapore        3245.34     3284.78           -1.20
  Manila           7635.27     7804.98           -2.17
  Jakarta          5861.246    6077.173          -3.55
  Kuala Lumpur     1783.34     1805.75           -1.24
 Ho Chi Minh       978.04      968.47            0.99
                                                 
  Change on year                                 
  Market           Current     End 2017          Pct Move
  Singapore        3245.34     3402.92           -4.63
  Manila           7635.27     8,558.42          -10.79
  Jakarta          5861.246    6355.654          -7.78
  Kuala Lumpur     1783.34     1796.81           -0.75
  Ho Chi Minh      978.04      984.24            -0.63
 
 (Reporting by Aaron Saldanha and Karthika Namboothiri in
Bengaluru; Editing by Subhranshu Sahu)
  
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