August 27, 2013 / 5:28 AM / 4 years ago

SE Asia Stocks-Philippines drops 4.4 pct, Indonesia at 1-year low

BANGKOK, Aug 27 (Reuters) - Philippine stocks slumped on
Tuesday amid broad-based selling in large caps while other
Southeast Asian stocks slid to new lows as worries over a
possible U.S. military action against Syria spurred further
selling.
    The Philippine main index was down 4.4 percent at
5,893.04 at midday, the lowest since June 26, with the top
percentage losers including Ayala Land, SM Investment
Corp and BDO Unibank.
    The selling reflected the weakness in regional peers on
Monday when the Philippine market was shut for a public holiday,
uncertainty over when the U.S. Federal Reserve would taper its
monetary stimulus and weak economic data making the region
vulnerable to capital outflows.
    "It's still the same concerns about the upcoming possible
tapering of the Fed and then regionally we're seeing weakness
from our Asian neighbours," said April Lee-Tan, research head at
COL Financial in Manila.
    "The GDP data on Thursday I think is very important in the
sense that it may prove that we are resilient," she said.
    A Reuters poll showed the Philippine economy probably posted
its slowest quarterly growth rate in nearly two years in
April-June due to weaker exports. 
    Among underperformers, Jakarta's Composite Index 
slipped 3 percent to a new one-year low, extending Monday's 1.2
percent loss as investors weighed in the potential impact of
recent government measures on growth. 
    The Thai SET index was down 1.7 percent, a fresh
nine-month low, while Malaysia's main index hovered 
around the lowest level in almost four months, falling 1
percent.
    Singapore's Straits Times Index traded down 1
percent, extending its eight straight sessions of losses while
Vietnam eased 0.6 percent, reversing a 0.8 percent gain
on Monday.
    Asian stocks slipped on Tuesday, with the MSCI's broadest
index of Asia-Pacific shares outside Japan down
0.9 percent by 0458 GMT, after the United States signalled
possible military action against the Syrian government over a
suspected chemical weapons attack. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0458 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   376.63        385.73       -2.36
 Singapore          3052.91       3084.41       -1.02
 Kuala Lumpur       1705.80       1722.49       -0.97
 Bangkok            1306.67       1329.18       -1.69
 Jakarta            3994.46       4120.67       -3.06
 Manila             5893.04       6161.21       -4.35
 Ho Chi Minh         487.40        490.54       -0.64

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