SE Asia Stocks-Most down; Politics weighs in Thailand
HANOI, April 25 (Reuters) - Most Southeast Asian stocks fell on Friday, with political uncertainty driving Thai equities down and profit-taking stretching losses to a third day in the Philippines. Bangkok's SET Index lost 1.02 percent, its biggest drop in six weeks, as fears mount that the country's lengthy political crisis could move into a more violent phase as the Thai government was to ask the army to deploy more troops in the capital. Siam Cement PCL was the biggest loser, with its shares tumbling 3.14 percent, followed by Kasikornbank PCL which fell 2.61 percent. Investors on the Philippine bourse secured profits from recent rallies, dragging the benchmark down 1.5 percent over three straight sessions. The Philippine SE Composite Index has faced some strong selling pressure around its resistance level of 6,800 while upside momentum has slowed down, said market strategist Manny Cruz at Asiasec Equities. The index lost 0.69 percent to close at 6685.1, trimming its gain of as much as 13.6 percent since early February. "We are looking at a week or two for the market to shed some more," Manny added. Stocks in Malaysia and Singapore also lost ground on Friday, while Indonesia's Jakarta SE Composite Index bucked the trend to edge up 0.13 percent. Vietnam rose 1.5 percent, but thin trade and lack of supportive news could pull the index down soon, analysts said. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 419.59 421.03 -0.34 Singapore 3267.57 3283.93 -0.50 Kuala Lumpur 1860.98 1865.28 -0.23 Bangkok 1408.16 1422.67 -1.02 Jakarta 4897.64 4891.08 +0.13 Manila 6685.10 6731.33 -0.69 Ho Chi Minh 578.92 570.46 +1.48 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 419.59 388.37 +8.04 Singapore 3267.57 3167.43 +3.16 Kuala Lumpur 1860.98 1866.96 -0.32 Bangkok 1408.16 1298.71 +8.43 Jakarta 4897.64 4274.18 +14.59 Manila 6685.10 5889.83 +13.50 Ho Chi Minh 578.92 504.63 +14.72 * 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 Mai Nguyen; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.