October 26, 2017 / 10:41 AM / a year ago

SE Asia Stocks-Slip; Indonesia retreats from record highs

    Oct 26 (Reuters) - Most Southeast Asian stock markets fell
on Thursday, as recent strength in the U.S. dollar pushed global
funds to lock in gains in emerging markets, with Indonesia
 edging lower after  marking record closing highs in the
last two sessions.
    The dollar took a breather on Thursday after having rallied
over the past week on optimism over the prospects for U.S. tax
reforms, as well as speculation that the next chair of the U.S.
Federal Reserve could steer policy in a more hawkish direction.
    The dollar index, which measures the greenback's
value against a basket of six major currencies, hit a two-week
high of 94.017 on Monday.      
    "Maybe the strong dollar would lead to a rotation of Asia
emerging markets back to developed markets, like the United
States, similar to what happened last year when (U.S. President
Donald) Trump was elected," said April Lee-Tan, head of research
with the Manila-based COL Financial INC.
    Investors rushed to U.S. assets after the election of Trump
late last year as they bet his expansionary fiscal policy would
boost U.S. growth, inflation and interest rates.
    Indonesian shares fell after hitting a record high
in early trade, with consumer discretionary and energy stocks
weighing on the index. 
    Media solutions provider Elang Mahkota Teknologi
slumped 13.6 percent, while Bank Central Asia was down
1.3 percent.
    Philippine shares inched down 0.4 percent, as
investors booked profits following gains to a record high last
week. The index has fallen in four out of the last five
    Industrials and real estate stocks lost ground, with the
Philippines' largest lender BDO Unibank Inc down 0.8
percent and SM Investments Corp falling 1.4 percent.
    "The short-term downtrend started after the index hit an
all-time high...and we expected naturally some profit-taking.
So, we're just seeing a continuation of that today," said Fio
Dejesus, an equity research analyst with RCBC Securities.
    The index has gained about 21 percent so far this year,
making it Southeast Asia's second-best performer after Vietnam. 
    The Thai stock market was closed for the funeral and
cremation of revered late King Bhumibol Adulyadej.

For Asian Companies click;  

  Change on day                                         
  Market            Current       Previous     Pct Move
  Singapore         3356.25       3343.88      0.37
  Manila            8267.92       8303.35      -0.43
  Jakarta           5995.847      6025.434     -0.49
  Kuala Lumpur      1736.8        1739.05      -0.13
  Ho Chi Minh       830.11        830.69       -0.07
  Change on year                               
  Market            Current       End 2016     Pct Move
  Singapore         3356.25       2880.76      16.51
  Manila            8267.92       6840.64      20.86
  Jakarta           5995.847      5296.711     13.20
  Kuala Lumpur      1736.8        1641.73      5.79
  Ho Chi Minh       830.11        664.87       24.85

 (Reporting by Devika Syamnath in Bengaluru; Editing by Biju
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