SE Asia Stocks-Profit-taking sends Philippines, Vietnam markets down
HANOI, Sept 9 (Reuters) - Most Southeast Asian stock markets lost ground on Tuesday, led by Philippine and Vietnamese shares, amid widespread profit booking after strong increases in the past sessions. The Philippine SE Composite Index retreated 0.84 percent from a 15-month high, led by property firm Ayala Land with a 3.32 percent decline. Vietnam's benchmark VN Index pared all of its gains over the past two weeks, dropping 2.02 percent as investors secured profits from most equities. Southeast Asia's best performer has been bullish after strong inflows boosted Vietnamese shares, which have surpassed a high of nearly five years. Tuesday's falls lowered the relative strength indexes of both Philippine and Vietnamese markets to below 70, removing them from an overbought territory, Reuters data showed. Foreign investors turned net sellers of 123 billion rupiah ($10.45 million) worth of Indonesian shares, which declined 0.94 percent after hitting a record closing high for the second time in a month on Monday. Investors on the Jakarta bourse have expected higher fuel prices following a potential cut in subsidies by the government, which aims at limiting the country's current account deficit. Singapore's FTSE Straits Times Index outperformed the regional market on gains in the baking sector. The city-state has been lagging the regional markets despite being Southeast Asia's cheapest equities. FTSTI has gained 5.54 percent since the beginning of the year, far below top risers Vietnam at 24.23 percent and the Philippines at 23.16 percent. Singaporean stocks' price-to-earnings ratio humbles at 14.02, compared with the most expensive Philippines at 21.55. Thailand and Malaysia moved in tight range amid moderate volumes. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at close Market Current Prev Close Pct Move TR SE Asia Index* 445.77 448.93 -0.70 Singapore 3342.96 3335.19 +0.23 Kuala Lumpur 1874.12 1871.09 +0.16 Bangkok 1583.18 1584.77 -0.10 Jakarta 5197.12 5246.483 -0.94 Manila 7253.67 7314.94 -0.84 Ho Chi Minh 626.92 639.85 -2.02 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 445.77 388.37 +14.78 Singapore 3342.96 3167.43 +5.54 Kuala Lumpur 1874.12 1866.96 +0.38 Bangkok 1583.18 1298.71 +21.90 Jakarta 5197.12 4274.18 +21.59 Manila 7253.67 5889.83 +23.16 Ho Chi Minh 626.92 504.63 +24.23 * 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=11,765 Indonesian rupiah) (Reporting by Mai Nguyen; Editing by Biju Dwarakanath)
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