SE Asia stocks: Indonesia rebounds; others weak on US budget talks: BANGKOK, Sept 26 — Indonesian stocks rose today as investors bought back recently-battered banks, while others in Southeast Asia tracked broader Asia lower amid caution over budget talks in the United States. Jakarta’s Composite Index was up 0.9 per cent, reversing loss on the previous session and in morning trade. Shares in Bank Rakyat Indonesia rose 2 per cent after losing nearly 10 per cent in the past four sessions and Bank Mandiri gained 1.2 per cent after an 11 per cent drop over the same period. The recent selldown in banking shares was partly associated with the central bank’s slower loan growth target through its new regulation that will take effect in November. “Banks generally claim that they are vigilant in their lending so they will not be impacted. And tightening of policy is actually positive for the overall sector risk,” Citi Research said in a report dated September 25. Thai stocks were rangebound, with the broader SET index closing nearly unchanged at 1,437.92 at midday, while the Philippine main index erased most of its early losses that sent it to the lowest in more than a week at one point. Stocks in Singapore and Malaysia recouped some of their earlier losses amid selective buying in commodities shares such as Wilmar International Ltd. Vietnam’s index fell 0.56 per cent amid news of slow credit growth in a banking system grappling with toxic debt. — Reuters dlvr.it/42HKKK
Posted on: Thu, 26 Sep 2013 06:37:13 +0000
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