Most Southeast Asian stocks ended weaker on Monday with Singapore and Indonesia falling to their two-week lows led by financials as weak US job data and concerns over Europe dented investors' appetite for risky assets. Banking stocks dragged the Indonesia index 0.6 percent down, while Singapore ended 0.5 percent weaker, both closing at their two-week lows. Malaysia also edged down 0.04 percent.
"Worries over possible risks from the United States after the weak job data and Europe are the reasons for the fall," said Song Seng Wun, an economist at CIMB, based in Singapore. DBS Group Holdings Ltd, Singapore's largest lender, and Oversea-Chinese Banking Corporation Ltd fell 1.3 percent and 0.8 percent respectively, while Indonesia's Bank Central Asia Tbk PT dropped 3.2 percent.
In Singapore, Global Logistic Properties Ltd (GLP), which owns warehouses in China and Japan, jumped 3 percent after Japanese stocks soared. Bucking the trend, Vietnam gained 0.8 percent led by bluechips and the Philippines edged up 0.1 percent. The Thailand stock market, which fell 2.6 percent on Friday, was closed for a holiday on Monday.
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