Posted on 01 Oct 2013
Stocks in Indonesia, Thailand and the Philippines underperformed in Southeast Asia on Monday amid selling in large caps such as Bank Rakyat Indonesia as concerns of a likely shutdown of the U.S. government plagued global markets.
Indonesian main index dropped 2.4 percent, taking its loss for July-September quarter to 10.4 percent, the biggest since December 2008. Philippine main index slipped 3 percent, with a 4.4 percent fall in the third quarter.
Thai SET index finished down 2.4 percent on the day, ending the quarter 4.7 percent lower in light volume and amid a short selling activity, which hit large caps such as Siam Commercial Bank Pcl and Kasikornbank Pcl.
Foreign funds continued shifting money out of the region, traders said. Indonesia recorded foreign selling worth 806 billion rupiah ($69.86 million) on Monday, adding on $170 million net foreign selling over the previous four sessions, Thomson Reuters data showed.
