SE Asia Stocks -Philippine shares retreat on rate outlook; Thai PTT drops
BANGKOK, Aug 28 (Reuters) - Southeast Asian stock markets ended mixed on Thursday, with the Philippine index snapping a six-session winning streak amid prospects of higher interest rates after strong GDP data while shares of Thailand's PTT suffered the worst drop in seven months. The Philippine main index eased 0.8 percent, after a combined 2.2 percent gain in the six days to Wednesday. Domestic investors led sellers while foreign investors bought stocks worth a net 692 million peso ($15.82 million), stock exchange data showed. Selling hit interest rate sensitive stocks such as banks and property. Among those actively traded, shares of BDO Unibank eased 0.6 percent and Ayala Land slipped 2.7 percent. The Philippine economy grew at its fastest pace in more than a year in the second quarter even as government spending slowed, strengthening views the central bank will raise interest rates again to curb inflation. The Thai SET index was down 0.4 percent, retreating from a near 15-month closing high hit on the previous day. Shares of top energy firm PTT closed down 2.7 percent, their biggest one-day fall since January, after the government said it restructured domestic energy prices to reduce the cost of living, resulting in a reduction in gasoline prices. Analysts said the military government's plan to reduce the cost of living could imply that an expected increase in domestic gas prices will not happen soon and that could dampen earnings of PTT. Stocks in Singapore were down 0.3 percent as Asian shares held steady after pulling back from a 6-1/2-year high as the recent rally in risk assets petered out for now. Stocks in Indonesia rose for a second day as beaten-down shares such as Bank Negara Indonesia further regained lost ground. The market was under selling pressure early in the week amid concerns about a fuel price subsidy. President-elect Joko Widodo's drive to fast-track an increase in fuel prices, one of his key election pledges, has stumbled after incumbent Susilo Bambang Yudhoyono said the conditions were not right at the moment to cut subsidies. Vietnam's VN Index rebounded from a fall in the previous session as value-buying in recently-beaten-down shares pushed up the market. 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* 445.98 447.36 -0.31 Singapore 3330.22 3341.46 -0.34 Kuala Lumpur 1875.68 1872.38 +0.18 Bangkok 1559.05 1564.58 -0.35 Jakarta 5184.48 5165.25 +0.37 Manila 7100.70 7160.46 -0.83 Ho Chi Minh 632.03 628.77 +0.52 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 445.98 388.37 +14.83 Singapore 3330.22 3167.43 +5.14 Kuala Lumpur 1875.68 1866.96 +0.47 Bangkok 1559.05 1298.71 +20.05 Jakarta 5184.48 4274.18 +21.30 Manila 7100.70 5889.83 +20.56 Ho Chi Minh 632.03 504.63 +25.25 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (1 US dollar = 43.7430 Philippine peso) (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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