SE Asia Stocks-Philippine off record high; Indonesia snaps gains

lunes 12 de enero de 2015 04:12 GYT

BANGKOK, Jan 12 (Reuters) - Most Southeast Asian stock
markets retreated on Monday with the Philippine index coming off
a record high hit on Friday and Indonesia snapping recent gains
as selling in recent outperformers amid weak sentiment in Asia
overshadowed selective buying in a reporting season.
    Asian investors caught up with a benign payrolls report and
the subsequent slide in Treasury yields, while oil prices showed
no sign of escaping their downward spiral. 
    The Philippine composite index was down 0.6 percent
at 7,358.36 after a tenth straight gain on Friday to an all-time
closing high of 7,402.72. Investors cashed in recent gainers
such as shares of Metropolitan Bank & Trust.
    Indonesia's main index was down 0.5 percent after
almost 1 percent gain in three sessions to Friday. Banks were
mixed ahead of earnings announcements, with Bank Rakyat
Indonesia sliding 2.3 percent and Bank Negara
Indonesia erasing early losses.
    "Market has begun taking positions ahead of results which
will start with banks. BBNI is so far scheduled to be the first
to announce results and we expect BBNI's FY2014 to beat
consensus by 5 percent," said broker Trimegah Securities.
    In Bangkok, shares in TMB Bank jumped 2.1 percent,
helping bring the main SET index 0.4 percent higher,
recovering from early losses.
    Broker DBS Vickers Securities said TMB Bank was its top pick
of mid-size bank thanks to the prospect for strong earnings
growth. The broker expected TMB Bank to report a 29 percent
earnings growth for October-December quarter.
    Thai banks are due to report the quarterly results from this
    Broker KGI Securities upgraded ratings on big banks,
including Kasikornbank and Krung Thai Bank,
citing positive fundamentals in 2015. It said the broader market
awaited the European Central Bank's meeting late next week.
    "The SET is likely to be able to recover fast as investors
continue to brace for the ECB to announce sovereign bond
purchasing at its meeting on Jan. 22," it said in a report.
    In Singapore, the key index was little changed,
with shares of COSCO Corporation (Singapore) Ltd 
dropping as much as 10 percent after the company's profit
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 Change 0744 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3341.79       3338.44       +0.10
 Kuala Lumpur       1731.42       1732.44       -0.06
 Bangkok            1534.84       1529.42       +0.35
 Jakarta            5192.06       5216.67       -0.47
 Manila             7358.36       7402.72       -0.60
 Ho Chi Minh         574.32        569.73       +0.81
 (Reporting by Viparat Jantraprap; Editing by Anand Basu)