SE Asia Stocks-Mostly up; Philippines underperforms after rally
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 7,800. 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. 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 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)
© Thomson Reuters 2016 All rights reserved.