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ASEAN STOCK WATCH Asean Affairs  26 September  2014 


SE Asia Stocks-Jakarta down after parliament ends direct elections; others mixed

Indonesian stocks ended at a more than one-week low on Friday, with heavy foreign outflow after its parliament approved legislation to end direct elections to regional posts, while other Southeast Asian markets ended mixed.
 The Jakarta Composite Index  ended 1.3 percent weaker at its lowest close since Sept. 16 on concerns over political stability after president-elect Joko Widodo's Indonesian 
Democratic Party failed to secure the political support needed to scuttle the legislation. 
    
The index, the worst performer on the week, touched a seven-week low earlier in the day after Indonesia's parliament approved a measure ending direct elections for governors and 
mayors, a move president-elect Joko Widodo said was a "big step back" for the country. 
   
"It reflects that the opposition coalition is very solid, which could be a problem if the new government wants to pass a new economic policy," said Arief Budiman, an analyst with 
Ciptadana Securities in Jakarta. 
    
However, he said the market can take some comfort in the fact that the government does not need to pass fuel subsidy policy through the parliament. 
   
 The Asian Development Bank's downward revision of the country's 2014 economic growth to 5.3 percent from 5.7 percent 
also weighed on sentiment and the bourse suffered a net $118.13 million foreign outflow.  
   
Financial stocks led the fall, with Bank Mandiri  and Bank Rakyat Indonesia  losing 4.5 percent and 3.9 percent, respectively.  
    
Malaysia   fell 0.1 percent, the Philippines slipped 0.5 percent, and Vietnam's benchmark VN Index  surrendered its early gains to end slightly weaker at 0.02 
percent. 
    
Singapore   closed nearly steady at 0.04 percent gain.  
    
Thailand, the only gainer on the week, closed 0.5 percent firmer despite the central bank's warning that the country's pivotal exports will not grow at all this year. 
However, the Bank of Thailand (BOT) maintained that the economy can still grow 1.5 percent in 2014 assuming the government can jack up spending in the last quarter.  
                

SOUTHEAST ASIAN STOCK MARKETS 

 Market               Current     Prev Close    Pct Move 
 Singapore           3292.21       3290.99        +0.04 
 Kuala Lumpur     1840.50       1843.11        -0.14 
 Bangkok             1600.16       1591.99        +0.51 
 Jakarta                5132.56       5201.38        -1.32 
 Manila                 7261.30       7294.21        -0.45 
 Ho Chi Minh         604.98         605.10         -0.02 
  



 
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ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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