Reuters: Hot Stocks: SE Asia Stocks-Most fall; Malaysia at 3-week low after Fitch revision

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SE Asia Stocks-Most fall; Malaysia at 3-week low after Fitch revision Jul 31st 2013, 04:13 Tweet Share this Email Print Wed Jul 31, 2013 12:13am EDT BANGKOK, July 31 (Reuters) - Malaysian shares dropped more than 1 percent to their lowest in three weeks on Wednesday, underperforming most others in Southeast Asia, as credit fears hit large caps such as Malayan Banking and CIMB Group Holdings. Malaysia's benchmark stock index slipped to 1,773.29, the lowest since July 10. It was trading down 1.01 percent at 1776.98 at 0403 GMT, extending its loss over the past four sessions and wiping out most of the nearly 2 percent gain recorded so far this month. Ratings agency Fitch cut its outlook on Malaysia's sovereign debt to negative on Tuesday, citing gloomier prospects for reforms to tackle its rising debt burden following a divisive election result this year. The downgrade sent the Malaysian ringgit to three-year lows on Wednesday. Other Southeast Asian stock markets drifted into negative territory, tracking weaker global markets ahead of the outcome of the U.S. Federal Reserve policy meeting and the release of U.S. GDP data. The Philippines' key index lost 1.2 percent while Jakarta's Composite Index eased 0.7 percent, both reversing gains on the previous session that were helped by selective buying in a reporting season. The Thai benchmark SET index pared early small gains to fall 0.6 percent, extending the previous session's loss of 1.3 percent amid political concerns. "... any rebound will be unstable as investors minimize activities ahead of the U.S. FOMC meeting results released tonight and also the ECB meeting Tuesday. Locally, political uncertainties remain as parliament is going to reconvene this Thursday," broker KGI Securities said about Thailand in a report. The region looks set to post mixed results in July after sharp drops in June, with Indonesia poised for a monthly loss of 5 percent. Singapore and the Philippines are set to end almost 3 percent higher in July, among outperformers. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change 0353 GMT Market Current Prev Close Pct Move TR SE Asia Index* 422.89 427.46 -1.03 Singapore 3235.43 3245.45 -0.31 Kuala Lumpur 1776.28 1795.08 -1.05 Bangkok 1426.26 1435.44 -0.64 Jakarta 4577.52 4608.49 -0.67 Manila 6646.57 6728.00 -1.21 Ho Chi Minh 489.44 488.54 +0.18 (Reporting by Viparat Jantraprap; Editing by Supriya Kurane) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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