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Capital Markets
August 1, 2007

Stocks tumble, led by banks, on fund jitters
Southeast Asian markets fell on August 1, with Singapore losing more than 4% as investors sold bank stocks across the region including Singapore's UOB and Indonesia's Bank Mandiri, on fears of a spreading credit crunch.

Singapore's Straits Times Index shed as much as 4.1 percent to 3,402.21 points in afternoon trade before ending the day down 3.27%, its biggest one-day decline in about 4 months. The index is now about 7% below its record high of 3,688.58 points, reached on July 16.

"Investors are getting jittery because of the spillover from the US, and the losses in the Macquarie funds," said Kwok Chern Yeh, an investment analyst at Aberdeen Asset Management. Two funds from Australia's Macquarie Bank were the latest casualties in the fallout from the US subprime mortgage crisis.

Malaysian shares dropped 2.49%, while Indonesian stocks lost 3.93% to post their largest one-day fall in nearly seven months. Thai stocks fell 3%, and Philippine shares slid 2.13%. Vietnam's Ho Chi Minh stock index rose 1.67%. Reuters


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