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SE Asia Stocks-Tumble as China devaluation hurts sentiment
August 12, 2015 / 4:22 AM / 2 years ago

SE Asia Stocks-Tumble as China devaluation hurts sentiment

JAKARTA, Aug 12 (Reuters) - Southeast Asian stocks tumbled
on Wednesday, with Indonesia hitting its lowest since February
2014, as China's move to extend yuan devaluation hurts other
Asian currencies and hits sentiment toward stocks. 
    The Indonesian stock index fell as much as 3.1
percent to nearly 18-month low after the rupiah hit its lowest
since July 1998. 
    "China's move to devalue yuan only confirms that the Chinese
economy is doing poorly," said a trader in Jakarta. "The yuan
devaluation now may not be much if we look back historically,
but it badly hurts other currencies, which in turn hurts
    The sharp drop in the value of China's currency -- more than
4 percent in the last two days -- dealt a body blow to appetite
for risky assets globally, with equities, currencies and
commodities coming under selling pressure as money managers
weighed the implications of China's latest policy move.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 1.5 percent to a two-year low. 
    Meanwhile, Indonesia's president is expected to announce a
much anticipated cabinet reshuffle later on Wednesday, but
traders said investors may not respond immediately as they
digest the new names. 
    The Straits Times Index fell as much as 3 percent,
led by banking stocks, as the Singapore dollar hit a more than
five-year low against the U.S. dollar. 
    DBS Group Holdings Ltd, Singapore's biggest bank,
fell as much as 6.2 percent and was heading for its biggest
one-day decline since March 2009.
    Malaysian stocks dropped 1.4 percent, while the
Philippines index lost 0.7 percent. 
    Thailand's stock market is closed for a public

For Asian Companies click;  

 Change on 0330 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3072.74       3153.06       -2.55
 Kuala Lumpur       1615.28       1636.71       -1.39
 Bangkok              --          1420.13         -- 
 Jakarta            4502.74       4622.59       -2.59
 Manila             7514.47       7570.45       -0.74
 Ho Chi Minh         608.43        613.05       -0.74
 (Reporting by Fransiska Nangoy; Editing by Subhranshu Sahu)

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