Southeast Asian markets fall

Southeast Asian stock markets fell on Friday ahead of US job data and contentious G7 and IMF meetings focusing on currencies, with Thai stocks pulling back from 14-year highs, but most bourses managed gains on the week. Investors chose to lock in profits, wary of what may come out of the weekend meetings and of regional policies that may curb inflows.
The bull run on equities in the region is in large part the result of hot money flowing out of developed economies. Equities in Indonesia, Thailand and Singapore fell for a second session, finishing down 1.1 percent, 0.8 percent and 0.4 percent respectively.
Malaysia ended flat, after earlier climbing to a 32-month high, the Philippines eased 0.2 percent, coming off a record high hit in early trade, and Vietnam fell 0.6 percent after scaling a one-month high on Thursday.
"Investors are looking ahead to US payrolls tonight and the outcome of the international meetings this weekend. They simply sold up to reduce risk," said Warut Siwasariyanon, head of research at Finansia Syrus Securities in Bangkok. "Late selling in Thai stocks also came after news of plans by the Thai government to unveil measures relating to the strength of the baht next week," he said.
However, these seemed likely to focus on helping businesses rather than any moves to control inflows. Investors took profits in Asian equities and gold while also buying back some US dollars on Friday. By 0941 GMT, the MSCI index of Asia Pacific stocks outside Japan was 0.65 percent lower after closing at a 28-month high on Thursday. Big- and medium-caps, which had led the region's bull run in the third quarter, were among losers. Singapore casino operator Genting Singapore Plc fell 2.5 percent while Thailand's top olefins maker, PTT Chemical, dropped 2.2 percent. Indonesia's largest automotive distributor, PT Astra International Tbk, lost 2.6 percent and the Philippines' largest property firm, Ayala Land Inc, was down 2.2 percent.
On the week, Thailand ended down 1.6 percent, Southeast Asia's worst performer. Indonesia was flat, snapping a five-week gain, but Singapore, Malaysia, Vietnam and the Philippines finished higher. Manila fared best, ending up 3.04 percent. Indonesia set a record high early in the week, Singapore hit a 28-month high and Thailand a 14-year high.
Despite its loss on Friday, the Philippines saw a net $5 million in foreign buying on the day and $155 million on the week, while Indonesia saw $58 million outflows on the day, with $101 inflows for the week, Thomson Reuters data showed. Thailand had $96 million in inflows on the day and $240 million on the week, stock exchange data showed.