Most SE Asian markets fall; Indonesia slumps over 2%

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BENGALURU (June 28): Most Southeast Asian stock markets fell on Thursday, in line with broader Asia on worries that mounting Sino-US trade tensions are hurting global economic growth.

Indonesian shares slumped 2.1% to their lowest close since mid-May 2017, extending their decline into a third session and making them the region's top losers.

Losses were broad-based with financial and material stocks leading the decline. Bank Central Asia ended 1.9% lower, while Indah Kiat Pulp & Paper shed 7.5%.

The Chinese yuan's depreciation is a negative sentiment for Indonesian commodity firms, Trimegah Securities said in a note. In the spot market, the yuan opened at 6.6177 per dollar, and ended the onshore trading session at 6.6250 per dollar, the weakest official close in seven months.

Indonesia exports a substantial amount of coal to China.

An index of the country's 45 most liquid stocks ended 2.2% lower.

The rupiah plunged to its lowest since October 2015 against the dollar on extended outflows. A volatile currency has prompted the central bank to take protective measures for the economy.

Sentiment was also hurt as Asian stocks slumped to a nine-month low. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7% as Chinese stocks, coupled with the yuan, took a fresh beating.

Philippine shares dropped 1.5% after adding 2.4% in the previous session. Industrial and real estate stocks were among the biggest drags after Wednesday's gain on selective bargain-buying.

Index heavyweight SM Investments Corp ended 2.7% lower, while property developer SM Prime Holdings Inc fell 3.5%.

Thai shares declined 1.2% to their lowest close since August 2017 after the finance ministry said annual economic growth would slow in the April-June period.

Meanwhile, Singapore shares closed slightly higher, but remained parched near eight-month lows.

Change on the day

Market             Current   Previous close  % move
Singapore          3257.57   3254.77         0.09
Bangkok            1599.54   1618.66         -1.18
Manila             7066.57   7176.43         -1.53
Jakarta            5667.319  5787.552        -2.08
Kuala Lumpur       1665.68   1666.08         -0.02
Ho Chi Minh        957.35    968.91          -1.19

Change on year

Market             Current   End 2017        % move
Singapore          3257.57   3402.92         -4.27
Bangkok            1599.54   1753.71         -8.79
Manila             7066.57   8558.42         -17.43
Jakarta            5667.319  6355.654        -10.83
Kuala Lumpur       1665.68   1796.81         -7.30
Ho Chi Minh        957.35    984.24          -2.73