Southeast Asian stocks mostly ended lower on Wednesday, with the typhoon-struck Philippines extending losses to a two-month low while Indonesia ended two sessions of gains as state-owned banks were hit by plans for lower dividend payouts. The Philippine main index fell for a third session, down 1.8 percent at 6,155.34, the lowest close since September 13, amid selling in shares of typhoon-hit firms such as Energy Development Corp.
Jakarta's Composite Index slid 1.1 percent, coming off a one-week closing high hit in the previous session, with foreign investors selling shares worth a net 197,240 million rupiah ($17 million). Shares of state-owned Bank Negara Indonesia were down 2.2 percent while Bank Rakyat Indonesia fell 1.9 percent, underperforming the broader banking index, which fell 1.1 percent.
A local newspaper reported that Indonesia's ministry of state-owned enterprise has proposed dividend payout ratios for state-owned banks in 2013 at 20-25 percent, lower than the previous level of 30 percent, according to Bahana Securities research report. Thai stocks eased 0.5 percent to a one-week closing low, erasing some earlier losses, as a Constitutional Court ruling to stop the government amending the constitution was seen easing political tension.
Malaysia edged down 0.5 percent, bouncing off its intra-day low after rating agency Moody's Investor Service changed the outlook for Malaysia's A3 rating to positive from stable. Stocks in Vietnam ended a tad higher after falling in early hours of trading while the Singapore index edged down 0.3 percent amid weakness in global shares.
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