SE Asia Stocks-Mostly down; Thailand leads falls on weak corporate results

viernes 22 de abril de 2016 07:01 GYT

JAKARTA, April 22 (Reuters) - Most Southeast Asian stock
markets fell on Friday amid regional weakness, with Thailand
posting its biggest drop in two weeks as banking stocks declined
on disappointing results.
    Thailand's SET Index dropped 0.9 percent, its
biggest single-day percentage decline since April 7.
    Krung Thai Bank, Thailand's second-largest lender, 
lost 2.3 percent, while rival Siam Commercial Bank PCL 
fell nearly 3 percent after reporting a drop in first-quarter
profit and an increase in bad loans.  
    Analysts are already worried about the market's valuations.
    "Current valuations, above 15x forward PE and above the 18x
current PE, look stretched," Rakpong Chaisuparakul, an equity
strategist at KGI Thailand, said in a note. 
    Singapore's Straits Times Index ended 0.7 percent
lower, after closing at its highest level in five months in the
previous session. Offshore oil rig company Keppel Corp Ltd
 was among the biggest losers with a fall of 5 percent.
    Suntec REIT was down 0.9 percent after the company
reported a marginal increase in its first-quarter profit in the
previous session and OCBC Investment Research downgraded it to
"sell", saying valuation appeared stretched.  
    Indonesia's Jakarta Composite Index reversed its
earlier losses, gaining 0.2 percent for the day, led by PT
Telekomunikasi Indonesia after the company posted a 20
percent rise in its first-quarter net profit. 
    Meanwhile, Vietnam stocks surged 2.9 percent.
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 Change on day
 Market           Current   Prev close  Pct move
 Singapore         2940.43     2960.78     -0.69
 Kuala Lumpur      1717.96     1721.47     -0.20
 Bangkok           1410.81      1423.9     -0.92
 Jakarta           4914.74     4903.09      0.24
 Manila            7255.39     7257.85     -0.03
 Ho Chi Minh        592.48      575.85      2.89
 Change on year
 Market           Current    End 2015   Pct move
 Singapore         2940.43     2882.73      2.00
 Kuala Lumpur      1717.96     1692.51      1.50
 Bangkok           1410.81     1288.02      9.53
 Jakarta          4914.737    4593.008      7.00
 Manila            7255.39     6952.08      4.36
 Ho Chi Minh        592.48      579.03      2.32

 (Reporting by Fransiska Nangoy; Editing by Subhranshu Sahu)