SE Asia Stocks-Most up; Philippine shares retreat on profit-taking
HANOI, Aug 15 (Reuters) - Most Southeast Asian markets rose on Friday though Philippines bucked the trend as investors took profits after the index ended the previous session at its highest in more than 14 months. The Philippine index dropped 0.77 percent to 7006.35, retreating from Thursday's high. Shares of LT Group were down 2.79 percent at 0645 GMT after the Philippine conglomerate said its first-half net profit fell 68.9 percent. "It was due to profit-taking and unimpressive earnings of some companies," said Manny Cruz, a market strategist at Asiasec Equities. Alliance Global Group Inc lost 4.09 percent. Cruz attributed the slump to expectations of weak earnings results due on Monday. The stock hit its lowest intra-day level in seven months in early trade, Reuters data showed. Singapore shares edged up 0.34 percent, led by gains in industrial conglomerate Jardine Matheson Holdings, up 2.31 percent, and real estate firm Hongkong Land, which rose 2.33 percent. Hongkong Land shares hit S$7.14 ($5.74) each, a more-than 14 month intra-day high. "The stock market is trending up thanks to a low interest environment," said a Singapore-based trader. Indonesian shares fell for a second day after the country's central bank on Thursday reported a larger-than-expected second-quarter current account deficit, against a surplus in the previous three months. Malaysia, Thailand and Vietnam were almost flat. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0642 GMT Market Current Prev Close Pct Move TR SE Asia Index* 443.49 443.46 +0.01 Singapore 3306.03 3294.83 +0.34 Kuala Lumpur 1861.70 1861.58 +0.01 Bangkok 1542.86 1541.97 +0.06 Jakarta 5144.73 5155.55 -0.21 Manila 7006.35 7061.00 -0.77 Ho Chi Minh 605.18 605.25 -0.01 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1=1.2438 Singapore dollar) (Reporting by Mai Nguyen; Editing by Anupama Dwivedi)
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