SE Asia Stocks-Mostly down on US debt woes; Philippines leads

Reuters

Oct 9 (Reuters) - Most Southeast Asian markets were down in

early trade on Wednesday, led by the Philippines as the U.S.

budget deadlock hit investor confidence that a deal would be

reached before a mid-October deadline to avoid an historic debt

default.

While investors expect U.S. politicians will eventually

strike a deal, they are getting nervous as the deadline nears

without any tangible progress between Democrats and Republicans.

By 0652 GMT, the Philippines main stock index was

down 1.23 percent, Malaysia 0.3 percent weaker and

Vietnam lower 0.4 percent.

"Investors are waiting for some directions on the U.S. debt

ceiling and we see mild trade," said Teerada Charnyingyong, a

strategist with Bangkok-based Phillip Securities.

She said the financial markets and the global economy will

be in chaos if the United States could not avoid the debt

default.

Thailand's SET index was flat, while Indonesia's

Jakarta Composite Index and Singapore's Straits Times

index were up 0.4 percent and 0.3 percent,

respectively.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0652 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 408.65 409.92 -0.31

Singapore 3156.78 3146.50 +0.33

Kuala Lumpur 1771.62 1777.50 -0.33

Bangkok 1433.97 1434.06 -0.01

Jakarta 4448.12 4432.51 +0.35

Manila 6375.47 6454.86 -1.23

Ho Chi Minh 500.47 502.22 -0.35

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