Indonesia falls on weak Q4 GDP, rupiah; Thai shares rebound

Reuters - Indonesian shares underperformed in Southeast Asia on Monday, sliding to their lowest in two weeks amid weak fourth-quarter economic estimates and a fall in the rupiah, while short-covering helped Thai stocks recoup earlier losses.

Jakarta’s Composite Index dropped 1.3 percent to 4,202.81, their lowest close since Dec. 23. Agricultural and mining stocks led the decliners due to concerns about the impact of the rupiah's weakness on earnings. Indonesia's economy contracted by 1.4 to 2 percent in the fourth quarter from the previous three months, though full-year growth was 5.7 percent, Finance Minister Chatib Basri said on Monday.

The Thai SET index ended up 0.5 percent at 1,230.84, helped by late buying in battered stocks such as Kasikornbank and Advanced Info Service. The benchmark fell to 1,205.44 at one point, the lowest since August 2012. Short-term trading dominated the market, while the persisting political uncertainty kept the market rebound small, said Pichai Lertsupongkij, a senior analyst at broker Thanachart Securities, pegging near-term resistance of the SET at 1,240.

"Flows moved out of energy into banking and telecoms shares today, mainly involving short-term trading. A big picture is still weak as political concerns remain," said Pichai Lertsupongkij. Thousands of anti-government protesters marched through the Thai capital on Sunday, a prelude to a broader action next week when they say they will shut down Bangkok in their bid to scuttle a February election and topple Prime Minister Yingluck Shinawatra. 

Stocks in Singapore and Malaysia ended down amid weaknesses in Asian stockmarkets after growth in China's services sector slowed sharply last month. Philippine shares gained 0.6 percent, helped by selective buying in large caps such as Philippine Long Distance Telephone, while Vietnam rose 0.74 percent, led by gains in most blue chips.

 

SOUTHEAST ASIAN STOCK MARKETS

 Change on day

 Market                              Current     Prev Close    Pct Move

 TR SE Asia Index*             379.25        379.62          -0.10

 Singapore                        3123.82      3131.47          -0.24

 Kuala Lumpur                  1829.18      1834.74          -0.30

 Bangkok                          1230.84      1224.62         +0.51

 Jakarta                            4202.81      4257.66          -1.29

 Manila                             5985.81      5947.93         +0.64

 Ho Chi Minh                      509.10        505.37         +0.74

 

 

 

 Change on year

 Market                               Current       End 2013    Pct Move

 TR SE Asia Index*               379.25         388.37         -2.35

 Singapore                          3123.82       3167.43        -1.38

 Kuala Lumpur                    1829.18        1866.96        -2.02

 Bangkok                            1230.84       1298.71        -5.23

 Jakarta                              4202.81       4274.18         -1.67

 Manila                               5985.81       5889.83        +1.63

 Ho Chi Minh                        509.10         504.63        +0.89

 

* The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

   

 Stock Market Volume (shares)

 Market                                 Current Volume       Average Volume 30 days

 Singapore                                 131,857,500                188,794,220     

 Kuala Lumpur                             93,432,600                106,926,763     

 Bangkok                                      4,860,342                    5,323,074     

 Jakarta                                  1,972,307,800              2,918,416,883   

 Manila                                              77,784                        71,307   

 Ho Chi Minh                                      68,738                        88,871