SE Asia Stocks-End mixed; Philippines gives way to profit-taking
SINGAPORE, April 13 (Reuters) - The Philippine main index posted its biggest single-day percentage drop in nearly a month on Monday as investors cashed in on the recent rise, while Indonesian stocks dropped a day ahead of the country's central bank policy review meeting. "The (Philippines) market succumbed to profit-taking following the gains last week. We are now down close to the 8,000 new support level," said Freya Natividad, an analyst at brokerage firm Papa Securities Inc in Manila. "Also, there are no good leads to buoy the market," Natividad said, adding investors pocketed gains following the World Bank's trimming of its Philippine growth forecast. The World Bank cut its 2015 growth forecasts for developing East Asia and China, and warned of 'significant' risks from global uncertainties including the potential impact from a rising dollar and higher U.S. interest rates. The Jakarta composite index fell for a second straight session. Foreign investors were net sellers of Indonesian stocks in the previous two sessions. "Indonesian market is lacking fresh sentiment which sent investors to continue their profit-taking as the index valuation is considered relatively expensive now," said Reza Priyambada, an analyst with NH Korindo Securities in Jakarta. The country's central bank is expected to keep its benchmark interest rate on hold on Tuesday. Singapore ended up 0.35 percent after touching its highest level since December 2007, helped by conglomerate Keppel Corp Ltd leading the gains with a 2.3 percent rise. The city-state's central bank could loosen monetary policy for a second time this year on Tuesday, but analysts are divided over the magnitude of any easing. The Thai market is closed on April 13-15 for a new year holiday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3484.39 3460.30 +0.35 Kuala Lumpur 1842.08 1844.31 -0.12 Jakarta 5477.41 5491.34 -0.80 Manila 8073.25 8127.48 -0.67 Ho Chi Minh 559.54 554.03 +0.99 Change on year Market Current End 2014 Pct Move Singapore 3484.39 3365.15 +3.54 Kuala Lumpur 1842.08 1761.25 +4.59 Bangkok -- 1497.67 +3.35 Jakarta 5477.41 5226.95 +4.22 Manila 8073.25 7230.57 +11.65 Ho Chi Minh 559.54 545.63 +2.55 (Reporting by Aradhana Aravindan in SINGAPORE; Additional reporting by Neil Jerome Morales in MANILA; and Fransiska Nangoy in JAKARTA)
© Thomson Reuters 2017 All rights reserved.