Southeast Asian markets: Malaysia hits six-week low

Major Southeast Asian stock markets closed weaker-to-flat on Monday with Malaysia hitting a six-week low as concerns over the global economy dented sentiment, led by the US fiscal cliff, Greece's bailout, and a sluggish Japanese economy. Malaysia dropped 0.2 percent to hit its lowest close since September 29 and Singapore edged down 0.l percent, both in light trading volumes. Indonesia lost 0.4 percent, despite a foreign inflow of $52.5 million.
Investors have been increasingly worried about the recovery of the US economy with the "fiscal cliff" facing it, which would see nearly $600 billion worth of spending cuts and tax increases beginning in early 2013. Vietnam closed 0.5 percent firmer, while Thailand, the region's best performing market this year, gained 0.3 percent led by banks, recovering from a straight four-session losing streak. The Philippines closed flat. In Jakarta, PT Adi Sarana Armada Tbk, an Indonesian transport operator, jumped 25.6 percent after its trading debut on Monday.