Southeast Asian stocks continue to slide

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SETThe sell-off on Southeast Asian stock exchanges continued on August 28, showing that regional capital markets are in a severe bear market grip.

Philippine stocks dived as much as 6 per cent, Indonesian shares skidded to 14-month lows and Thai stocks extended their slide to their lowest since November 2012 amid rising risk aversion and portfolio outflowshitting regional large caps.

Philippine’s composite index hit 5,562.13, the lowest since November 26, 2012 amid a fall in the peso against the dollar. Jakarta’s Composite Index was down 2.7 per cent at 3,861.13, after testing the 3,837.735 level in morning trade, the lowest since June 15, 2012. The Thai SET index dropped 2.4 per cent to 1,262.68, the lowest since November 15, 2012, taking its year-to-date loss to 9 per cent, tracking Indonesia’s 11 per cent drop for the year, both Asia’s worst performers.

Thai stock market regulators are to meet on August 30 to address the recent market sell-offs, Securities  and Exchange Commission secretary general Vorapol Socatiyanurak said.

Sentiment at Bursa Malaysia also remained weak, with the benchmark FBMKLCI dropping around 25 points or 1.3 per cent on August 28.

Indonesia saw stock outflows of $1.3 billion over the past seven sessions after government data showed a widening current account deficit in the second quarter of 2013. The market is now looking forward to inflation data, due next week, to gauge Indonesia’s macro-economic conditions.

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The sell-off on Southeast Asian stock exchanges continued on August 28, showing that regional capital markets are in a severe bear market grip.

Reading Time: 1 minute

SETThe sell-off on Southeast Asian stock exchanges continued on August 28, showing that regional capital markets are in a severe bear market grip.

Philippine stocks dived as much as 6 per cent, Indonesian shares skidded to 14-month lows and Thai stocks extended their slide to their lowest since November 2012 amid rising risk aversion and portfolio outflowshitting regional large caps.

Philippine’s composite index hit 5,562.13, the lowest since November 26, 2012 amid a fall in the peso against the dollar. Jakarta’s Composite Index was down 2.7 per cent at 3,861.13, after testing the 3,837.735 level in morning trade, the lowest since June 15, 2012. The Thai SET index dropped 2.4 per cent to 1,262.68, the lowest since November 15, 2012, taking its year-to-date loss to 9 per cent, tracking Indonesia’s 11 per cent drop for the year, both Asia’s worst performers.

Thai stock market regulators are to meet on August 30 to address the recent market sell-offs, Securities  and Exchange Commission secretary general Vorapol Socatiyanurak said.

Sentiment at Bursa Malaysia also remained weak, with the benchmark FBMKLCI dropping around 25 points or 1.3 per cent on August 28.

Indonesia saw stock outflows of $1.3 billion over the past seven sessions after government data showed a widening current account deficit in the second quarter of 2013. The market is now looking forward to inflation data, due next week, to gauge Indonesia’s macro-economic conditions.

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