SE Asia Stocks-Mostly up; Philippines underperforms after rally

miércoles 15 de abril de 2015 08:07 GYT

April 15 (Reuters) - Most Southeast Asian stock markets
edged up on Wednesday, but Philippine shares closed at their
lowest level in over two weeks on foreign selling as investors
offloaded some risky assets after growth in China slowed to a
six-year low in the first quarter.
    The Philippine stock index, which had gained 1.7
percent last week to an all-time peak of 8,134.38, fell 1.9
percent to its lowest close since March 30.
    Manila bourse saw net foreign outflow of $33.35 million,
stock exchange data showed.  
    "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.
    The Philippine stock index's 14-day Relative Strength Index
(RSI) was at an overbought region on Friday when the market hit
a record peak, Thomson Reuters data showed. It was on neutral
range on Wednesday. 
    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
    Analysts said investors were waiting for some cues after
data earlier in the day showed growth in China's colossal
economy slowed 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 0.1 percent
to its lowest close since March 27 as the market suffered a
foreign outflow of $50.77 million, Thomson Reuters data showed.
    Singapore's Straits Time Index ended up 0.5
percent, Malaysia closed steady with a net foreign
inflow of $20.95 million. 
    Vietnam gained 1 percent, ending at its highest level
in three weeks, led by energy-related equities as global oil
prices strengthened.
    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 on day
 Market             Current     Prev Close    Pct Move
 Singapore          3539.95       3521.08       +0.54
 Kuala Lumpur       1840.13       1839.61       +0.03
 Jakarta            5414.55       5419.11       -0.08
 Manila             7906.46       8056.49       -1.86
 Ho Chi Minh         564.50        558.67       +1.04
 Change on year
 Market             Current       End 2014    Pct Move
 Singapore          3539.95       3365.15       +5.19
 Kuala Lumpur       1840.13       1761.25       +4.48
 Bangkok            1547.83       1497.67       +3.35 
 Jakarta            5414.55       5226.95       +3.59
 Manila             7906.46       7230.57       +9.35
 Ho Chi Minh         564.50        545.63       +3.46
 ($1 = 44.4750 Philippine pesos)
($1 = 12,896.0000 rupiah)
($1 = 3.7030 ringgit)

 (Reporting by Shihar Aneez in COLOMBO and Neil Jerome Morales
in MANILA; Editing by Anand Basu)