Major Southeast Asian stock markets retreated on Tuesday ahead of a meeting of the US Federal Reserve, as weak US crude futures dampened sentiment in regional energy and resource sectors. The emerging region hovered at its lowest in a week as investors awaited comments from the Fed that could determine the direction of the US dollar and regional fund flows.
-- Malaysia reverses loss on late buying
The Federal looks certain to stick to its plan to complete its $600 billion bond-buying program in June and is unlikely to rush to tighten policy given an uncertain economic outlook at the April 26-27 meeting. Stock markets across the region were in the red, with Asian shares outside Japan , which last week hit their highest since early 2008, down about 0.25 percent by 1023 GMT. Thailand's benchmark SET index finished down 0.8 percent. Southeast Asia's best performer this year added $25 million of inflows on a combined $270 million inflows over the past six sessions, the exchange said.
Stocks in Indonesia and the Philippines posted smaller losses. Both reported outflows of $14.7 million and $11.3 million, respectively, according to Thomson Reuters data. Bucking the trend, Malaysia tilted 0.2 percent higher, recouping its early losses, on late bargain hunting, a local trader said. Foreign investors bought nearly $4 million of Malaysia's stocks, the exchange said. Among outperformers, investment holding firm YTL Corporation surged 5.1 percent thanks to its share split program. Big cap energy and resource shares led losers in the region, with second-largest PTT Exploration and Production sliding 1.6 percent and palm oil stock Golden Agri Resources off 0.7 percent.
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