Main Southeast Asian stocks ended weaker on Wednesday, led by Thailand on fears that the financial crisis in Cyprus could spread to other European countries after a bailout plan for the island nation fell into disarray. However, losses were capped by late buying on hopes Cyprus might avert a financial meltdown as its leaders held talks to prevent a crisis after the country's parliament rejected the terms of the European Union bailout.,
Thailand fell for a third straight session, losing 1.6 percent to hit its lowest since March 4. It has fallen 3.4 percent in the week. Banks lead the fall with a 4.2 percent drop in Kasikornbank PCL and 3.3 percent loss in Siam Commercial Bank PCL. The Philippines lost 0.1 percent, led by holding firms to a near seven-week low, falling for an eighth straight session. It has lost 6.5 percent since hitting an all-time high of 6,867.10 on March 11.
Singapore lost 0.6 percent to a two-week low, led by a 2.3 percent fall in Singapore Telecommunications Ltd. However, Malaysia gained 0.4 percent, while Vietnam jumped 1.4 percent to a one-month high on rate cut hopes and credit growth. Indonesia edged up 0.2 percent to one-week high.