January 11, 2018 / 10:20 AM / 4 months ago

SE Asia Stocks-Philippines falls over 1 pct; Vietnam hits fresh 10-year closing high

    * Philippines falls 2 pct intraday, biggest since March 2017
    * Malaysia declines for third consecutive session
    * Vietnam up for 13th session in 14

    By Sandhya Sampath
    Jan 11 (Reuters) - Philippine shares dropped over 1 percent
on Thursday, underperforming other Southeast Asian stock
markets, while Vietnam extended gains to a fresh 10-year closing
high.
    The Philippine Stock Exchange PSEI Index declined as
much as 2 percent, its biggest since March 2017, before closing
1.2 percent lower.
    "The weakness on Wall Street could have been a catalyst for
a profit-taking from the global rally seen across most regions,"
said Fio De Jesus, an equity research analyst with RCBC
Securities in Manila.
    The three major U.S. stock indexes ended lower overnight
after a choppy trading session as investors worried that China
would slow U.S. government bond purchases and that U.S.
President Donald Trump would end a key trade agreement.
    Asian shares ex-Japan also dropped due to
concerns about rising U.S. protectionism, while bonds rebounded
after China's regulator said a report about Beijing slowing or
halting of its U.S. bond buying was possibly wrong.

    Losses were largely broad-based in the Philippines, with
index heavyweight PLDT Inc ending 3.5 percent lower and
real estate company Ayala Land closing down 2.9
percent.
    "A lot of the proxy stocks that have big weighting on the
index are seeing some profit-taking, although the fundamentals
haven't really changed," De Jesus said.
    Malaysian shares declined for a third straight
session, dragged down by telecom and consumer stocks, even after
data showed industrial production rose 5 percent in November
from a year earlier.
    Axiata Group Bhd fell 0.9 percent, while Genting
Bhd ended down 2.3 percent. 
    Vietnam shares rose for a fourth straight session,
buoyed by financial and energy stocks. Joint Stock Commercial
Bank for Foreign Trade of Viet Nam climbed 1.4 percent.
    The index has gained in 13 sessions out of 14.
    Thai shares reversed their course and ended 0.4
percent higher, on the back of gains in energy stocks.
    Indonesia edged up with financials accounting for
more than half of the gains. Bank Central Asia Tbk PT
closed 1.1 percent higher.
    An index of the country's 45 most liquid stocks
rose 0.3 percent.

    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
       
 Change on day                                
 Market           Current    Previous close  Pct Move
 Singapore        3518.34    3520.45         -0.06
 Bangkok          1802.80    1794.92         0.44
 Manila           8813.25    8920.29         -1.20
 Jakarta          6386.339   6371.174        0.24
 Kuala Lumpur     1816.88    1822.92         -0.33
 Ho Chi Minh      1048.17    1038.11         0.97
                                              
 Change on year                               
 Market           Current    End 2017        Pct Move
 Singapore        3518.34    3402.92         3.39
 Bangkok          1802.80    1753.71         2.80
 Manila           8813.25    8,558.42        2.98
 Jakarta          6386.339   6,355.65        0.48
 Kuala Lumpur     1816.88    1796.81         1.12
 Ho Chi Minh      1048.17    984.24          6.50
 
 (Reporting by Sandhya Sampath; Editing by Subhranshu Sahu)
  
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