SE Asia Stocks -Indonesian, Philippine shares fall after weak data
BANGKOK, Aug 5 (Reuters) - Indonesian shares eased on Tuesday after weaker-than-expected economic growth data while the Philippine benchmark reversed from a four-week high touched in the previous session as rising inflation raised expectations of an interest rate hike. Indonesia's economy in the second quarter grew at the slowest annual rate since the last quarter of 2009, the country's statistics bureau said. Jakarta's Composite Index fell 0.5 percent after Monday's 0.6 percent gain. Investors took profits after recent gains in state-owned banking shares which rallied in July due to optimism around the domestic political outlook after the presidential election. Shares of Bank Rakyat Indonesia led the losers in heavy volume, trading down 1.4 percent. The stock rose 8.5 percent in July, faring better than the 4.3 percent rise in the broader market. Brokers said second-quarter earnings of many big banks, released last month, were not supportive. "The market is in the process of digesting the second quarter 2014 earnings results, which have been below market expectations," said Harry Su, head of research at broker Bahana Securities. Stocks in the Philippines edged down 0.3 percent after annual inflation accelerated to a near three-year high in July, raising expectations of a further interest rate hike as early as September. The Philippine index rose 1.5 percent on Monday to its highest close since July 7. Strong earnings and dividends lifted shares elsewhere in the region. Shares of Singapore's Oversea-Chinese Banking Corp snapped a two-day losing streak and gained 1 percent after the company posted a 54 percent jump in quarterly profit, beating expectations and taking the Straits Times Index 0.2 percent higher. Advanced Info Service (AIS) shares rose 1.9 percent as its high dividend payout outweighed weak quarterly results. AIS declared a 6.04 baht dividend per share from its first-half operations, implying a 100 percent payout, broker CIMB said in a report. It reported a 7.8 percent drop in second-quarter net profit on Monday, hit by falling voice revenue and fierce competition after months of political unrest. Elsewhere, Malaysia was little changed and Vietnam extended gains for a second day. Asian stocks slipped after a survey showed China's services sector growth fell to a record low. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0459 GMT Market Current Prev Close Pct Move TR SE Asia Index* 441.94 439.41 +0.58 Singapore 3331.24 3318.40 +0.35 Kuala Lumpur 1874.84 1875.80 -0.05 Bangkok 1528.87 1519.38 +0.62 Jakarta 5095.76 5119.25 -0.46 Manila 6977.94 6998.37 -0.29 Ho Chi Minh 602.70 599.04 +0.61 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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