BANGKOK, Aug 5 Indonesian shares eased on
Tuesday after weaker-than-expected economic growth data while
the Philippine benchmark reversed from a four-week high touched
in the previous session as rising inflation raised expectations
of an interest rate hike.
Indonesia's economy in the second quarter grew at the
slowest annual rate since the last quarter of 2009, the
country's statistics bureau said.
Jakarta's Composite Index fell 0.5 percent after
Monday's 0.6 percent gain.
Investors took profits after recent gains in state-owned
banking shares which rallied in July due to optimism around the
domestic political outlook after the presidential election.
Shares of Bank Rakyat Indonesia led the losers in
heavy volume, trading down 1.4 percent. The stock rose 8.5
percent in July, faring better than the 4.3 percent rise in the
Brokers said second-quarter earnings of many big banks,
released last month, were not supportive.
"The market is in the process of digesting the second
quarter 2014 earnings results, which have been below market
expectations," said Harry Su, head of research at broker Bahana
Stocks in the Philippines edged down 0.3 percent
after annual inflation accelerated to a near three-year high in
July, raising expectations of a further interest rate hike as
early as September.
The Philippine index rose 1.5 percent on Monday to its
highest close since July 7.
Strong earnings and dividends lifted shares elsewhere in the
Shares of Singapore's Oversea-Chinese Banking Corp
snapped a two-day losing streak and gained 1 percent after the
company posted a 54 percent jump in quarterly profit, beating
expectations and taking the Straits Times Index 0.2
Advanced Info Service (AIS) shares rose 1.9
percent as its high dividend payout outweighed weak quarterly
results. AIS declared a 6.04 baht dividend per share from its
first-half operations, implying a 100 percent payout, broker
CIMB said in a report.
It reported a 7.8 percent drop in second-quarter net profit
on Monday, hit by falling voice revenue and fierce competition
after months of political unrest.
Elsewhere, Malaysia was little changed and Vietnam
extended gains for a second day. Asian stocks slipped
after a survey showed China's services sector growth fell to a
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0459 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 441.94 439.41 +0.58
Singapore 3331.24 3318.40 +0.35
Kuala Lumpur 1874.84 1875.80 -0.05
Bangkok 1528.87 1519.38 +0.62
Jakarta 5095.76 5119.25 -0.46
Manila 6977.94 6998.37 -0.29
Ho Chi Minh 602.70 599.04 +0.61
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
(Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)