SE Asia Stocks - Mostly edge up; Manila underperforms amid China growth woes

miércoles 15 de abril de 2015 04:40 GYT

April 15 (Reuters) - Most Southeast Asian stock markets
edged up on Wednesday, but Philippine shares underperformed the
region falling to a near three-week low as investors awaited
some strong cues after growth in China slowed to a six-year low
in the first quarter.
    The Philippine stock index, which gained 1.7 percent
last week to an all-time peak of 8,134.38 points, fell 1.9
percent to touch 7,859.60, its lowest since March 27, in early
    Property shares Ayala Land and SM Prime Holdings
 dragged the overall index. Ayala was down 2.8 percent
and SM lost 3.1 percent. 
    "We went up a lot so quickly, so we are prone to a sell-off.
We were the most susceptible to the massive sell-off," said
Miguel Agarao, an investment analyst at Manila-based Wealth
Securities Inc.
    Agarao said the broader index is trading at 20x the
2015 price-to-earnings ratio, which is relatively expensive
compared with Southeast Asian peers, adding that the support
level is at 7,800.
    Data earlier in the day showed growth in China's colossal
economy did slow to a six-year low of 7 percent in the first
quarter, but that was better than many feared after a woeful
trade performance in March.
    Indonesia's Jakarta Composite Index fell 0.3
    Singapore's Straits Time Index was up 0.2 percent,
Malaysia was up 0.1 percent, and Vietnam gained 1
percent by 0757 GMT. 
     Asian markets, however, stumbled on Wednesday as relief
China had matched its own growth target was soured by poor
readings on consumer demand and industrial activity, underlining
the need for more policy action by Beijing. 
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 Change at 0807 GMT
 Market             Current     Prevue Close    Pct Move
 Singapore          3528.56       3521.08       +0.21 
 Kuala Lumpur       1840.71       1839.61       +0.06
 Jakarta            5401.54       5419.12       -0.32
 Manila             7906.46       8056.49       -1.86
 Ho Chi Minh         564.50        558.67       +1.04
 (Reporting by Shihar Aneez in COLOMBO and Neil Jerome Morales
in MANILA; Editing by Sunil Nair)