World Economy

Southeast Asia Stocks Down

Southeast Asia Stocks DownSoutheast Asia Stocks Down

Southeast Asian stock markets fell on Monday, with the Indonesian benchmark sliding to a near one-week low and Singapore down after three sessions of gains, as concerns about failed Greek debt talks hit investor sentiment.

The Jakarta composite index fell 1.2 percent to 4,877.53, its lowest since June 9, after downbeat trade data for May. Foreign investors sold select large caps such as Bank Mandiri and Bank Negara Indonesia, Reuters reported.

Indonesia posted a trade surplus of $950 million for May, its sixth straight surplus, as imports continued to be weak. Exports were down 15.24 percent at $12.56 billion, while imports were lower 21.40 percent at $11.61 billion.

Singapore’s Straits Times Index shed 1.1 percent, reversing from a third straight gain on Friday when the index had touched a two-week closing high.

Twenty-two stocks out of 30 measured by the index fell, including property shares such as city development after data showed sales of private homes by developers in Singapore fell 57 percent in May from a year earlier.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.8 percent after Greece’s talks with lenders to avert a default ended with no agreement and Wall Street logged losses ahead of a Federal Reserve meeting.

In Bangkok, the SET index eased 0.4 percent, heading for a second session of losses.

Strategists at broker KGI Securities expected most big caps to remain under pressure from external issues while investors would focus on trading in mid caps.

“Domestic factors are unexciting on the macro level, with some degree of good news on clearer commitment from the government to roll out rail projects and other infrastructures,” KGI Securities said in a report.