SE Asia Stocks-Indonesia slips ahead of cenbank meeting; Vietnam extends gains
By Anusha Ravindranath Aug 19 (Reuters) - Most Southeast Asian stock markets fell on Friday as investors booked profits ahead of the weekend, while an overnight rally in crude helped Vietnam and Singapore to eke out small gains. Broad Sentiment was subdued after some Federal Reserve officials reiterated the case for raising interest rates in the coming months. Indonesian shares drifted lower after two sessions of gains as investors took a pause ahead of a central bank policy meeting. The bank formally makes the 7-day reverse repurchase rate its new benchmark on Friday, and a slim majority of analysts believe the rate will be held steady on its debut. Philippine shares edged lower, dragged down by consumer cyclicals. SM Investments Corp and Bloomberry Resorts Corp were among the top percentage losers. "We are trading at around 23 times P/E, which is very expensive," said Victor Felix of AB Capital Securities in Manila. Investors are taking profits before the weekend, as they do not want to be surprised on Monday if something negative turns up, he added. Vietnam shares were headed for their third straight session of gains, helped by consumer non-cyclical and energy stocks. Vietnam Dairy Products JSC was up 2.84 percent, while Petrovietnam Gas Joint Stock Corp rose marginally. Singapore shares edged up, driven by oil and gas stocks such as Keppel Corp Ltd. Oil prices rose on Thursday for a sixth straight session, with Brent crude rising above $50 a barrel for the first time in six weeks, as the world's biggest producers prepared to discuss a possible freeze in production levels. Thai shares fell slightly, weighed down by industrial stocks including Thai Coating Industrial Pcl , while Malaysia dropped as telecom stocks such as Axiata Group Bhd and DiGi.Com Bhd lost ground. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on 0351 GMT Market Current previous Pct Move close Singapore 2841.11 2836.98 0.15 Bangkok 1544.88 1547.01 -0.14 Manila 7935.74 7952.81 -0.21 Jakarta 5451.303 5461.45 -0.19 Kuala Lumpur 1690.6 1694.87 -0.25 Ho Chi Minh 661.81 660.65 0.18 Change so far this year Market Current End 2015 Pct Move Singapore 2841.11 2882.73 -1.44 Bangkok 1544.88 1288.02 19.94 Manila 7935.74 6952.08 14.15 Jakarta 5451.303 4593.008 18.69 Kuala Lumpur 1690.6 1692.51 -0.11 Ho Chi Minh 661.81 579.03 14.30 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Subhranshu Sahu)
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