BANGKOK: Southeast Asian stock markets mostly fell on Thursday as the US Federal Reserve's hint at stimulus tapering spurred a new round of selling, sending Indonesian and Thai shares to more than a week low and the Philippines over two-month lows.
Jakarta's Composite Index slid 0.8 per cent, extending Wednesday's one per cent loss, to the lowest level since November 13, and reversing its gain so far this year.
Profit-taking hit shares such as Harum Energy which lost 2.7 per cent, the second-biggest percentage loser. The stock has risen 32 per cent since October, outperforming the broader index which posted a modest loss for the same period.
Thai SET index dropped 1.2 per cent, hovering around its lowest since November 11. The selloff this week due to domestic political uncertainties erased all its gain this year, with the benchmark now posting a year-to-date loss of 0.3 per cent.
Brokers expect more downside in the market in the near term as the verdict of Thai constitutional court on Wednesday failed to restore political stability and triggered more foreign selling of Thai stocks.
"Net selling by both foreign and local funds yesterday reflected a lack of confidence in the government stability," strategists at broker Krungsri Securities wrote in a report.
Thai Prime Minister Yingluck Shinawatra suffered a blow on Wednesday when a court knocked back a constitutional amendment that could have strengthened her party's legislative grip, a ruling that could cool tension that was close to boiling over.
Shares of builders, including Ch Karnchang and Italian Thai Development, were among losers, as a petition on the legality of the 2 trillion baht (US$63.2 billion) borrowing bill has been filed with the Constitutional Court.
The Philippine main index was down 0.8 per cent at 6,108.39, the lowest since September 13. It has fallen nearly four per cent since last week due to the impact of the super Typhoon Haiyan.
Singapore's index edged down 0.5 per cent as fears about the looming QE tapering outweighed its strong third quarter GDP numbers.
Malaysia traded 0.4 per cent lower as Asian stocks stumbled after minutes from the US Federal Reserve's October meeting hinted at stimulus tapering.
Among weak spots, shares of Malaysia's AirAsia Bhd shed as much as two per cent after reporting a 77.5 per cent drop in third-quarter earnings
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