Asian stocks down on stimulus caution
Saturday, 26 September 2009
BANGKOK, Sept 25 (Reuters): Most Southeast Asian stock markets fell on Friday on fears that authorities around the world might end stimulus efforts too soon, and big caps such as Bumi Resources (BUMI.JK) and Astra International (ASII.JK) dropped.
World central banks have said they would scale back infusions of dollars into their banking systems, adding to unease triggered when the U.S. Federal Reserve said it would slow purchases of mortgage debt, a pillar of its efforts to support mortgage lending.
"The market is worried that the withdrawal of stimulus will be premature," said Kosin Sripaiboon, head of research at UOB KayHian Securities.
Indonesia .JKSE, Southeast Asia's second-best-performing bourse this year, led the market drop, closing down about 1 per cent, with coal miner Bumi Resources down 2.2 per cent, Astra International Tbk, the top automotive distributor, down 1.6 per cent and Telkom Indonesia (TLKM.JK) losing 1.1 per cent.
Singapore's Straits Times Index .FTSTI slid 0.2 per cent, after a 0.7 per cent decline Thursday, while Thailand .SETI inched down 0.96 per cent and Malaysia .KLSE 0.06 per cent.
The Philippines .PSI lost 0.6 per cent but Vietnam .VNI added 1.4 per cent.
In Singapore, top losers were casino operator Genting Singapore (GENS.SI), down 3.5 per cent, Wilmar International (WLIL.SI), down 3.4 per cent, and Singapore Telecom (STEL.SI), 0.6 per cent lower.
In Kuala Lumpur, financials led the losers, with CIMB (CIMB.KL) down 0.7 per cent, Maybank Bhd (MBBM.KL) down 0.2 per cent and AMMB Holdings Bhd (AMMB.KL) off 0.2 per cent.
Bangkok was weighed down by energy shares, with top energy firm PTT (PTT.BK) down 0.7 per cent and subsidiary PTT Exploration and Production (PTTE.BK) off 0.7 per cent.
But Vinythai (VNT.BK) shot up 1.5 per cent after saying it planned to invest 8 billion baht ($238 million) to raise its capacity in chlorine and caustic soda and invest in an epichlorohydrine project.
Shares in Bangkok Life BLA.BK, the second-largest insurance firm in terms of stock market value, rose as much as 17 per cent before closing up 13 per cent on their debut as its improving prospects attracted investors.
In Manila, Philippine Long Distance Telephone (PLDT) (TEL.PS) shed 0.4 per cent and developer Filinvest Land Inc (FLI.PS) drifted 2 per cent lower.
World central banks have said they would scale back infusions of dollars into their banking systems, adding to unease triggered when the U.S. Federal Reserve said it would slow purchases of mortgage debt, a pillar of its efforts to support mortgage lending.
"The market is worried that the withdrawal of stimulus will be premature," said Kosin Sripaiboon, head of research at UOB KayHian Securities.
Indonesia .JKSE, Southeast Asia's second-best-performing bourse this year, led the market drop, closing down about 1 per cent, with coal miner Bumi Resources down 2.2 per cent, Astra International Tbk, the top automotive distributor, down 1.6 per cent and Telkom Indonesia (TLKM.JK) losing 1.1 per cent.
Singapore's Straits Times Index .FTSTI slid 0.2 per cent, after a 0.7 per cent decline Thursday, while Thailand .SETI inched down 0.96 per cent and Malaysia .KLSE 0.06 per cent.
The Philippines .PSI lost 0.6 per cent but Vietnam .VNI added 1.4 per cent.
In Singapore, top losers were casino operator Genting Singapore (GENS.SI), down 3.5 per cent, Wilmar International (WLIL.SI), down 3.4 per cent, and Singapore Telecom (STEL.SI), 0.6 per cent lower.
In Kuala Lumpur, financials led the losers, with CIMB (CIMB.KL) down 0.7 per cent, Maybank Bhd (MBBM.KL) down 0.2 per cent and AMMB Holdings Bhd (AMMB.KL) off 0.2 per cent.
Bangkok was weighed down by energy shares, with top energy firm PTT (PTT.BK) down 0.7 per cent and subsidiary PTT Exploration and Production (PTTE.BK) off 0.7 per cent.
But Vinythai (VNT.BK) shot up 1.5 per cent after saying it planned to invest 8 billion baht ($238 million) to raise its capacity in chlorine and caustic soda and invest in an epichlorohydrine project.
Shares in Bangkok Life BLA.BK, the second-largest insurance firm in terms of stock market value, rose as much as 17 per cent before closing up 13 per cent on their debut as its improving prospects attracted investors.
In Manila, Philippine Long Distance Telephone (PLDT) (TEL.PS) shed 0.4 per cent and developer Filinvest Land Inc (FLI.PS) drifted 2 per cent lower.