Southeast Asian indices mostly fall

Southeast Asian stock indices were mostly weaker on Friday as investors, awaiting a rescue package for Greece, trimmed positions in risky assets. Jakarta's Composite Index shed 1.67 percent, falling at one point to the lowest since January 16. One factor dragging it down was banks, hit by Bank Indonesia's unexpected decision on Thursday to cut the benchmark interest rates.
Some analysts said the rate cut dampened margin outlooks of banks and broad sentiment of the sector. Still, there was some optimism about the selling of bank shares did not signal the end of a bull market. Expectations of good earnings results by Indonesian firms before the end of the month should lend support to the market, analyst Teddy Dwitama at OSK Nusadana Research said.
He noted that the financial sector was "hit hard" by the BI rate cut. Shares of the biggest bank by market value, PT Bank Central Asia Tbk, dropped 4.4 percent and the third biggest PT Bank Mandiri Tbk lost 2.4 percent, both hitting four-month lows at one point.
---- Banks drag Indonesia down after rate cut
--- Property, commodities weigh on Singapore
--- Indonesia fares worst on the week
Indonesia lost 2.6 percent on the week, the worst performer in emerging Asia. Jakarta posted a net $195 million of foreign selling in four consecutive sessions to Thursday, Thomson Reuters data showed. US-listed Market Vectors Indonesia ETF, managed by Van Eck Global, fell 2.2 percent on the week to Thursday. It is the most liquid Indonesian ETF and seen as a barometer for foreign investors' interest in Indonesian equities.
Jittery investors cashed in recent gainers across the region such as commodities-related shares and Singapore property amid weakness in Asia. This reflected concerns about Greece's commitment to debt restructuring, even after it seemed to strike a long-awaited deal on fiscal reforms to secure crucial funding. Singapore's Straits Times Index was down 0.7 percent, Malaysia's index eased 0.23 percent, Vietnam's index fell 1.6 percent and Thai benchmark SET index ended down 0.38 percent.
The Philippines' index bucked the trend and closed up 0.29 percent, as selective buying lifted banking shares. BDO Unibank Inc, the most actively traded stock, climbed 1.9 percent. In Singapore, property developer CapitaLand Ltd and commodities firm Olam International pulled back after recent gains. CapitaLand fell 3.1 percent while Olam was down 2.9 percent.
Among weak spots, palm plantation firm Sime Darby Bhd edged down 0.3 percent and Thai petrochemical firm PTT Global Chemical Pcl fell 1.4 percent. They had rallied early this week. By 0936 GMT, MSCI's broadest index of Asia Pacific shares outside Japan was trading down 1.51 percent while the MSCI index for Southeast Asia, made up of selected stocks, was trading down 1.33 percent.