Southeast Asian stocks fell on Monday as lower crude oil prices hit energy shares, dragging the key Thai index to the lowest in almost three weeks, while stocks in Malaysia and Indonesia slipped amid foreign outflows and weak currencies. The Thai stock market was an underperformer due to late selloffs in large-cap energy stocks fuelled by further weaknesses in crude oil markets after Morgan Stanley cut its forecasts.
The key SET index was down 1.4 percent at 1,575.55, the lowest close since November 20. Shares of Thailand's number two energy firm PTT Exploration and Production dropped 3.8 percent to 127 baht, a level last seen in November 2009. Oil-related stocks led among the losers across exchanges, including Malaysia's Petronas Chemicals Group Bhd, Singapore's Noble Group Ltd and Indonesia's coal shares such as PT Berau Coal Energy Tbk.
Foreign investors were net sellers of Malaysian shares worth a net 293.26 million ringgit ($83.93 million) and Indonesian shares worth a net 391.79 billion rupiah ($31.73 million), stock exchange and Thomson Reuters data showed. Malaysia's ringgit and Indonesia's rupiah hit their weakest since the 2008-09 global financial crisis on Monday as emerging Asian currencies lost ground after solid US job data boosted the chance of an early Federal Reserve interest rate hike. The Philippine stock market was closed on Monday due to heavy rains and strong winds caused by Typhoon Hagupit.
Comments
Comments are closed.