Major Southeast Asian stocks fall

Major Southeast Asian stock markets fell on Monday due to growing worries over the eurozone's debt problems and the prospect of further turbulence on world markets, but Singapore bucked the trend. At a weekend meeting, European ministers tried to reassure their counterparts in the Group of Seven that the eurozone's debt crisis was under control and that Greece would stick to its budget-cutting plan.
But analysts said Europe needed to go beyond words to restore confidence among investors that it would prevent a sovereign default. "Sentiment is very weak," said a Singapore-based analyst. "I think there will be more downside than upside in the next few days."
Malaysia lost 1 percent to hit a three-month low, Indonesia eased 1.72 percent, hitting a six-week low, and the Philippines fell 0.3 percent to its lowest close since September 23. But Singapore's Straits Times Index gained 0.4 percent - recovering from a three-month low after falling 1 percent during the session - led by a 1.7 percent gain in Singapore Telecom and 1.6 percent in bank DBS.
Hong Kong stocks slid 0.6 percent, while the MSCI index of Asia Pacific stocks traded outside Japan was down 0.02 percent at 0935 GMT after the close in Singapore. The Thai index fell 0.5 percent, recovering from a 2-1/2-month low during the session, led by a 3.6 percent fall in Bangkok Bank and 2.6 percent drop in top olefins maker PTT Chemical.
"The indicators for risk aversion remain cautious," said Rakpong Chaisuparakul, a strategist at broker KGI Securities in Bangkok, in a research note. "When coupled with the unstable politics at home, we see investment sentiment as negative."
The Thai government is bracing for a new round of protests in Bangkok by supporters of former premier Thaksin Shinawatra ahead of a February 26 Supreme Court verdict on whether to confiscate $2.3 billion of his family's assets. In Kuala Lumpur, financial shares dropped, led by a 1.6 percent fall in CIMB Group and 1.3 percent in Malayan Banking Bhd.
In Jakarta, index heavyweight Telkom Indonesia drove the market with a 2.8 percent fall, while market heavyweight Astra International lost 1.9 percent. The Philippines lost 0.32 percent, closing at its lowest in 4-1/2 months, led by a 4.6 percent fall in Bank of the Philippine Island and 0.8 percent in the country's biggest firm, Philippine Long Distance Telephone Co. Vietnam fell for the second session, losing 0.4 percent as investors booked profits ahead of a long holiday next week, with Petrovietnam down 2.6 percent and Vietinbank sliding 0.7 percent.