SE Asia Stocks-Philippine off record high; Indonesia snaps gains
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 week. 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 warning. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS 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)
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