Most Asean stocks weaker

BANGKOK: Most Southeast Asian stocks fell on Wednesday as Philippine benchmark extended loss to a two-month low amid selling in shares of typhoon-hit firms such as Energy Development Corp, while Indonesia retreated amid profit-taking.

The Philippines main index traded down two per cent at 6,140.52, the lowest since September 16, adding to a 1.2 per cent slide on Tuesday when foreign investors withdrew a net 118 million pesos (US$2.7 million), stock exchange data showed.

Shares of Energy Development dropped 4.6 per cent, the second biggest percentage loser, extending a 12 per cent plunge on Tuesday after it disclosed the findings on the damage sustained by its Leyte-based facilities from the typhoon.

Foreign selling continued in part due to portfolio adjustments toward the end of the year, brokers said.

"There are still a lot of foreign sellers in the market, more likely involving position realignments toward the end of the year," said Manila-based Joseph Roxas, president of broker Eagle Equities.

Profit booking flagged across exchanges, sending shares in Malaysia 0.3 per cent lower, reversing from a two-week high on Tuesday, while Singapore and Vietnam both edging lower as broader Asia took a breather after a recent rally.

Jakarta's Composite Index was down 0.6 per cent, weighed down by a three per cent loss of shares of Telekomunikasi Indonesia. The stock gained more than two per cent on Tuesday when the broader index rose to one-week closing high.

Broker Trimegah pegged support for the benchmark at 4,340. Thai stocks bucked the trend, with the SET index inching up 0.1 per cent by mid-day as technical-led buying emerged after the index's fall on the previous session.

Brokers said the domestic political uncertainty kept market investors wary.

"Political situation could escalate today as the Constitutional Court is to rule on the legality of a proposed charter amendment to turn the Senate into a fully elected chamber," said strategist Kasamaporn Hamnilrat of Krungsri Securities.

The SET index have fallen almost five per cent from a high of 1,484.72 hit on October 18 amid worries over the political tension