May 14, 2018 / 5:10 AM / 10 months ago

SE Asia Stocks-Malaysia bounces back from 3-month low; Indonesia down 1.5 pct

    * Malaysia sheds up to 2.7 pct, sharpest in 14 weeks
    * Malaysia hits lowest level since Feb 6
    * Ringgit hits 4-month low before recovering
    * Philippine market closed for public holiday

    By Karthika Suresh Namboothiri
    May 14 (Reuters) - Malaysian shares recovered quickly from
an early plunge on Monday, their first day of trade since the
stunning election defeat of a coalition that ruled the country
for six decades.
    Veteran politician Mahathir Mohamad came out of retirement
to lead the opposition Pakatan Harapan (Alliance of Hope) to a
stunning victory over a ruling party he had once led, defeating
prime minister Najib Razak, a former protege he had accused of
    "There's a change in the government after 61 years, a new
cabinet has been formed," said Nik-Ihsan, a technical analyst
with Maybank Kim Eng. "There is confidence among investors that
(this change) could be good, although I think some clarity has
to be addressed."
    The FTSE Bursa Malaysia KLCI Index declined as much
as 2.7 percent, its sharpest in 14 weeks, in the first five
minutes of trade, dragged lower by across-the-board falls in
financial, telecom and airline shares, especially those with
links to the former government.
    Many of the losses were quickly pared, or offset by steep
rises in firms linked to the new government, and the bourse was
last up 0.5 percent.
    Banker CIMB Group Holdings Bhd plunged as much as
13 percent to its lowest since Dec. 12, while telecommunications
company Axiata Group Bhd slumped 12.9 percent to its
lowest since July 31.
    AirAsia Group declined 12.7 percent to a
five-month low after its chief, Tony Fernandes, apologised for
endorsing former prime minister Najib Razak in the election.
    The ringgit also fell, to a four-month low, before
changing its direction. 
    Among other Southeast Asian stock markets, Indonesia
fell as much as 1.7 percent on concerns about continued capital
    Financial, material and consumer stocks accounted for more
than 50 percent of the decline. PT Telekomunikasi Indonesia
 fell over 3 percent and Bank Central Asia
declined nearly 2 percent.
    Top Indonesian officials on Friday broadened their efforts
to calm investors anxious about the rupiah and capital
outflows, asserting that market volatility would be temporary
and the country's economic fundamentals are solid.
    Markets in Southeast Asia's largest economy have been hit
harder than others in Asia in the past three months as U.S. bond
yields rose and the dollar rallied, deepening concerns about
capital outflows.
    Indonesia's index of 45 most liquid stocks was
down 1.8 percent.
    Singapore shares slipped 0.3 percent, dragged by
financials and telecoms. 
    The Philippine stock market was closed for a public
For Asian Companies click;  

 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3558.68   3570.17         -0.32
 Bangkok            1771.02   1765.93         0.29
 Jakarta            5870.633  5956.832        -1.45
 Kuala Lumpur       1855.82   1846.51         0.50
 Ho Chi Minh        1045.32   1044.85         0.04
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3558.68   3402.92         4.58
 Bangkok            1771.02   1753.71         0.99
 Jakarta            5870.633  6355.654        -7.63
 Kuala Lumpur       1855.82   1796.81         3.28
 Ho Chi Minh        1045.32   984.24          6.21
 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
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