Asean stocks: Indonesia leads regional fall
BANGKOK: Most Southeast Asian stocks declined on Tuesday as investors trimmed their holdings before the US Federal Reserve’s policy meeting, with selling most active in recent gainers including Bank Rakyat Indonesia and Tenaga Nasional.
Asian stock markets were broadly weak as investors awaited the outcome of the Federal Reserve’s two-day meeting starting on Tuesday.
"Most investors will closely watch for a Fed decision on the QE programme. If Fed maintains the QE, this will help limit the downside risk to world markets," strategists at broker Maybank Kim Eng Securities wrote in a report.
The Indonesian benchmark stock index underperformed the region, down almost one per cent, reversing a modest 0.2 per cent rise on Monday.
Bank Rakyat shares dropped 3.6 per cent, the second-biggest percentage losers on the blue chip index. The stock had gained around 15 per cent so far on the month to Monday, almost double the rise of the blue chip index in the same period.
Malaysia’s key index eased 0.1 per cent. Shares in Tenaga Nasional, among those actively traded, slid one per cent after a four per cent gain over the past two weeks that sent the stock to the highest level since 2007.
In Bangkok, selective buying in growth stocks and dividend yielding shares such as Airports of Thailand and Shin Corporation lent support to the stock market.
The benchmark SET index was up 0.2 per cent at mid-day, after falling in early trade.-- Reuters