Southeast Asian stocks mostly lower, Singapore at 2-year low

Published: 26/09/2008 05:00

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Update from: http://www.thanhniennews.com/worlds/?catid=9&newsid=42377

Most Southeast Asian stock markets fell Friday as investors fretted over a stalemate on the US government’s planned US$700 billion bailout for the financial industry.

Washington’s failure to agree to a bailout plan sent global stocks sliding and weakened the dollar.

Singapore’s benchmark stock index fell 1.3 percent to its lowest close since August 2006, and is down 5.8 percent for the week.

Indonesia dropped 1.3 percent on banks and resources, while Malaysia and Thailand edged 0.4 percent down.

“The market’s rather directionless. No one wants to take a position,” said a Singapore dealer. “The other regional markets aren’t doing too well either.”

Hong Kong’s Hang Seng fell 1.3 percent, while Japan’s Nikkei dropped 0.9 percent.

The Philippine index added 1.2 percent.

Source: Reuters

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