Southeast Asian stocks ended weaker on Monday, following Asian peers as nervous investors shifted to safer heavens after a radical bailout plan for Cyprus dented the appetite for risky assets globally. Cyprus and international lenders agreed at the weekend that savers in the island's outsized banking system would take a hit in return for the offer of $13.07 billion in aid, breaking with the earlier European Union practice that depositors' savings were sacrosanct and raising fears it could set a precedent for future euro zone bail outs.
The Philippine lost 1.8 percent to a near five-week low of 6,536.18 with a 4.3 percent loss in SM Investment Corp. Thailand fell 0.4 percent to 1,591.65 from a 19-year high of 1,598.13 hit in the previous session, led by a 2 percent fall in PTT Global Chemical Pcl (PTTGC).
Malaysia, the region's worst performer so far this year, fell 0.4 percent to a near four-week low of 1,621.36. Kuala Lumpur has seen the highest foreign inflow in the region, data showed on Monday. Indonesia, the region's best performer in terms of foreign inflows, fell 0.3 percent to 4,802.83. Jakarta-based analysts said concerns over the Cyprus bailout and a weak regional market, along with high domestic inflation dragged the market down. Vietnam, the region's best performer and the smallest bourse, edged down 0.5 percent, while Singapore fell 0.9 percent to a near two-week low.