Southeast Asian stock markets fell back on Friday, with shares in Thailand and Indonesia sliding nearly 2 percent, as investors weighed in the likely impact of US rate hikes and ahead of market holidays in the region next week. The Thai SET index closed at a near one-week low of 1,284.92, trimming its weekly gain to 0.3 percent.
Telecoms shares were among those that were hit as high bid prices of 4G spectrum licences raised concerns about the potential high cost of investment and lower dividend payouts. Among the top losers was Total Access Communication which dropped 10 percent. Foreign investors sold Thai shares worth a net 2 billion baht ($55.28 million) after offloading a net 14.8 billion baht ($409.07 million) in the past nine successive days.
Jakarta's composite index retreated, trimming its weekly gain to 1.7 percent. The Indonesian bourse saw a net outflow of 310 billion rupiah ($22.28 million) after the inflows over the past two days. The Philippines outperformed on the week, up nearly 2 percent, while others posted modest weekly gains. The region was expected to see subdued trade next week, with most sharemarkets closed for Christmas holidays, according to brokers.
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