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Indonesian stocks extended their slide on Tuesday to post their lowest close since July 11, while Malaysian shares rose after two straight sessions of declines. The Jakarta Composite Index closed 0.73 percent lower after rising as much as 1 percent earlier in the session.
"Right after the European markets opened, the Jakarta index started to reverse the trend and plunge into the red zone," said Taye Shim, an analyst with Daewoo Securities in Indonesia. "We think European traders picked up their sellings in Indonesian equities as they want to take the risk off their portfolios." If the dollar continues to strengthen, then the central bank will have to abandon its monetary easing policy, and that is more risky as most investors have been pricing in further easing, he said.
Investors were optimistic about Indonesia's growth given that the central bank has been easing monetary policy since January and that expectation has to be reversed, he added. Indonesia's exports and imports both increased in October after months of deterioration from a year earlier, the statistics bureau said. Meanwhile, Malaysian shares rose with consumer stocks and industrials leading the gains. Entertainment firm Genting Bhd gained 1.7 percent while conglomerate Sime Darby jumped 3 percent. Philippines shares ended down 0.21 percent while Thai stocks closed 0.5 percent higher. Singapore shares rose 0.37 percent on upbeat sentiment after data showed retail sales rose 2 percent in September from a year earlier.

Copyright Reuters, 2016

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