weaker currencies and concerns over an early rate hike by the Federal Reserve weighed on sentiment.
The declines were exacerbated by foreign investors exit from
major regional markets.
The Jakarta Composite Index fell 2.3 percent to
4,899.88, its lowest close since July 4, 2014, led by financials
amid fears over possibility of a U.S. rate hike as early as
September and further weakening of rupiah.
The rupiah is emerging Asia's worst performing currency this
year, having lost about 7.5 percent year-to-date against the
dollar. It has reached multiple 17-year lows since last week.
"At the moment, I think we are being held hostage by the
prospect of the Fed rate hike which could occur in the later
part of this year," said Harry Su, head of research at
Jakarta-based broker Bahana Securities.
Jakarta saw a net foreign outflow of $76.92 million, while
Malaysia witnessed $53.45 million of net foreign selling, and
Philippines saw $27.56 million outflow. Thailand saw a net
selling of $14.80 million.
Philippines stock index fell 2.2 percent to close at
its lowest level since Jan. 7, a day after the Philippine peso
hit more than one-year low.
On Tuesday, Philippine's central bank governor said the
monetary authority will let market forces determine the exchange
rate and intervene only to deal with sharp currency swings.
Singapore closed 0.8 percent down at five-month
low, Malaysia fell 0.6 percent to 1,729.05, its lowest
since Jan. 6, and Vietnam ended 0.9 percent down,
surrendering early gains.
Thailand closed 1.1 percent weaker.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
Singapore 3295.13 3320.33 -0.76
Kuala Lumpur 1729.05 1739.45 -0.60
Bangkok 1492.32 1508.28 -1.06
Jakarta 4899.88 5014.99 -2.30
Manila 7323.44 7484.89 -2.16
Ho Chi Minh 574.47 579.83 -0.92
Change on year
Market Current End 2014 Pct Move
Singapore 3295.13 3365.15 -2.08
Kuala Lumpur 1729.05 1761.25 -1.83
Bangkok 1492.32 1497.67 -0.36
Jakarta 4899.88 5226.95 -6.26
Manila 7323.44 7230.57 +1.28
Ho Chi Minh 574.47 545.63 +5.29
($1 = 3.7470 ringgit)
($1 = 45.0550 Philippine pesos)
($1 = 13,300.0000 rupiah)
($1 = 33.7200 baht)