Southeast Asian stocks fall,including Malaysia; Indonesia at 16-month low

BANGKOK: Southeast Asian stock markets fell on Tuesday as investors lowered risk exposure ahead of a U.S. central bank meeting and amid instability in China's stock markets, with the Indonesian index hitting a 16-month low in line with a fall in the rupiah.
    The Jakarta composite index was down 1.2 percent at 4,714.76, its lowest level since late March 2014. Foreign-led selling hit banking shares. Bank Rakyat Indonesia and Bank Central Asia fell more than 3 percent each.
    The rupiah was down more than 8 percent year-to-date, among the underperformers in emerging Asia.
    Markets in the region came under selling pressure as local currencies weakened, with Malaysia and Thailand  among the underperformers in Asia so far this year.
    The Thai SET index eased 0.3 percent to its lowest closing level since May 2014. 
    Thai shares remained technically weak in the near term.
Broker SCB Securities saw the SET's next stop for a rebound at 1,402, and then 1,375. The broker said it was still bearish although the index looked the most oversold in the region.
    SCB said it could not offer any "new fundamental" reason for buying the Thai market in the long term.
    Energy-related shares fell across exchanges as global oil prices fell further. 
    Singapore's Golden Agri Resources dropped 5.6 percent, Malaysia's Kuala Lumpur Kepong fell 2.4 percent while refiner Thai Oil eased 2.0 percent.
    Investor sentiment in Asia remained cautious ahead of a two-day U.S. Federal Reserve meeting beginning later on Tuesday where some investors believe it will make its case for hiking
rates as early as September. 
    
SOUTHEAST ASIAN STOCK MARKETS
 Change on day     
 Market             Current     Prev Close    Pct Move
 Singapore          3281.09       3313.42       -0.98
 Kuala Lumpur       1699.70       1709.76       -0.59
 Bangkok            1408.07       1412.55       -0.32
 Jakarta            4714.76       4771.28       -1.18
 Manila             7479.03       7547.44       -0.91
 Ho Chi Minh         631.47        635.46       -0.63
  
 Change on year
 Market             Current       End 2014    Pct Move
 Singapore          3281.09       3365.15       -2.50
 Kuala Lumpur       1699.70       1761.25       -3.49
 Bangkok            1408.07       1497.67       -5.98
 Jakarta            4714.76       5226.95       -9.80
 Manila             7479.03       7230.57       +3.44
 Ho Chi Minh         631.47        545.63      +15.73
 - Reuters