SE Asia Stocks-Most fall; Mueller's subpoena fuels further weakness
* Indonesia drops most, on track to end week down
* Philippines on track for fourth straight losing session
* Vietnam only gainer in the region
By Aaron Saldanha
March 16 (Reuters) - Most Southeast Asian stock markets were
down on Friday, tracking losses in broader Asia and an overnight
drop in Wall Street, after U.S. Special Counsel Robert Mueller
subpoenaed the Trump Organization and a report of impending
changes in the Trump administration.
Uncertainty weighed on markets as the U.S. benchmark S&P 500
lost 0.1 percent on Thursday, while the Nasdaq Composite
dropped 0.2 percent.
In broader Asia outside Japan, shares
dropped as much as 0.6 percent on Friday.
"For the overall emerging markets, foreign investors have
been selling off, which has led to further weakening of the
local currencies," said Taye Shim, head of research at Mirae
Asset Sekuritas.
The political uncertainty was compounded by the Washington
Post reporting that U.S. President Donald Trump had decided to
replace National Security Adviser, H.R. McMaster, albeit the
move is not expected to be made immediately.
Some of the documents subpoenaed pertain to the probe of
Russian involvement in the 2016 Presidential election, the New
York Times reported. The Trump Organization is an entity run by
the U.S. President prior to his White House term.
"If you track down some of the recent developments ever
since the resignation of Gary Cohn, there has been some market
speculation that uncertainties are likely to prolong from here
so investors have been selling off, Indonesian equities
especially," Shim said.
Indonesia's benchmark lost as much as 1.4 percent to
its lowest since early January, on broad-based weakness.
Unilever Indonesia Tbk PT fell as much as 2
percent, making it the biggest drag on the index.
An index of the country's 45 most liquid stocks
lost 0.7 percent.
Philippine shares lost 0.2 percent to their lowest
since December, weighed on by financials and industrials.
Aboitiz Equity Ventures Inc fell as much as 3.2
percent.
The benchmark, which has fallen for four straight sessions
through Friday, is on track to end the week 2.5 percent lower.
Malaysia fell as much as 0.4 percent, as financials
and consumer discretionary stocks declined. Malayan Banking Bhd
fell as much as 1.7 percent.
The Singapore index was down 0.2 percent. Lender DBS
Group Holdings Ltd was 1 percent lower.
Thai shares traded marginally lower while Vietnam
gained 0.7 percent on strong performance in financials
and consumer staples.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change as at 0328 GMT
Market Current Previous close Pct
Move
Singapore 3510.24 3517.73 -0.21
Bangkok 1815.33 1816.08 -0.04
Manila 8173.32 8190.01 -0.20
Jakarta 6291.022 6321.904 -0.49
Kuala Lumpur 1842.08 1845.27 -0.17
Ho Chi Minh 1146.55 1138.76 0.68
Change on year
Market Current End 2017 Pct
Move
Singapore 3510.24 3402.92 3.15
Bangkok 1815.33 1753.71 3.51
Manila 8173.32 8558.42 -4.50
Jakarta 6291.022 6355.654 -1.02
Kuala Lumpur 1842.08 1796.81 2.52
Ho Chi Minh 1146.55 984.24 16.49
(Reporting by Aaron Saldanha in Bengaluru; Editing by Gopakumar
Warrier)
