BANGKOK, Oct 13 — Most Southeast Asian stock markets fell in line with weaknesses in Asia today, with the Indonesian key index tumbling 3 per cent as a rapid depreciation of the rupiah prompted profit taking, but Thai property shares rose on hopes of stimulus measures.
The Jakarta composite index dropped 3 per cent to its lowest since Oct. 8, taking a breather after notching up about 10 per cent gain over the past six sessions. The rupiah fell more than 1 per cent tracking emerging-market currencies.
Shares of PT Bank Rakyat Indonesia Tbk, the most actively traded by turnover, shed 6 per cent amid foreign-led selling and cautions in a bank reporting season from this week.
“For the overall sector, we expect weaker results with nine-month aggregate net profit of -6 per cent year on year,” broker Citi said in a report dated Oct. 12.
Bangkok’s SET index was down 0.5 per cent, recouping some early losses. Investors selectively bought property shares seen relatively laggard on expectations of cabinet approval for property stimulus measures.
“Cabinet meeting is set to approve a property stimulus package, but the news seems to be largely priced in,” said broker KGI Securities in a report.
In Singapore, investors took money off the table ahead of Wednesday’s release of the city-state’s third-quarter GDP and the central bank’s policy meeting.
The Philippine key index declined 1.7 per cent after two days of gains and Vietnam slid 0.5 per cent, its first in four sessions. Malaysia hovered in positive territory, regaining early lost grounds.
Indonesia and Malaysia will be closed tomorrow for a holiday. — Reuters
