BANGKOK, July 1: Most Southeast Asian stock markets fell in early trade on Monday as market players locked in quick profits after last week’s rally, amid worries of a stimulus cut in the United States and signs of an economic slowdown in China.
Indonesia’s Jakarta Composite Index (JCI) was trading down 0.7 percent at 4,785.33 by 0612 GMT.
It fell 1.5 percent at one point amid selling in consumer-related shares such as Gudang Garam and Unilever Indonesia following a lower-than-forecast inflation data.
Traders in Jakarta said they expected more selling. Broker Trimegah said in a research note that it expected shares to face technical-led profit taking in a range of 4,771-4,880.
The impact of fuel price hike on inflation and expectations that Bank of Indonesia would raise its key interest rate to contain inflation weighed on sentiment, said John Teja, director of Ciptadana Securities.
‘Investors are taking profit after Friday’s strong rebound. I’m still expecting foreign investors to continue selling local shares and the market may have a low turnover this week,’ John said.
Singapore’s Straits Times index edged down 0.2 percent at 3,144.28, Malaysia’s main index was down 0.03 percent at 1,772.98 and Vietnamese stocks fell 0.2 percent to 480.26.
The Philippines’ main index bucked the trend to rise 1.2 percent to 6,542.79 amid buying in recently-battered shares in blue-chip firms such as Ayala Corp and SM Investments Corp.
Thailand was closed for a public holiday. The main SET index gained 3.7 percent last week, ending five straight weeks of losses as investors bought back the oversold market.
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