Most Southeast Asian markets extended losses on Monday for a third day running on renewed worries over the euro zone debt crisis and further signs of weakness in European economies. Singapore fell 1.1 percent to a near two-week low in thin trade and Thailand eased 0.4 percent from a two-week high, led by energy shares.
Indonesia ended down 0.6 percent at a one-week low in heavy volume, with $7.2 million of foreign outflows, after credit rating agency Standard and Poor's said it was not prepared to upgrade the country's sovereign rating to investment grade status, as had been widely expected. S&P maintained its positive outlook on the rating, but said it was concerned by signs of "policy slippages". Despite $28.6 million of foreign inflow, Malaysia fell 0.5 percent to its lowest since March 26, while Vietnam edged down 0.1 percent in light volume. Bucking the trend, the Philippines inched up 0.1 percent.