SE Asia Stocks-Mostly down on financials; Philippines down for fourth day
April 22 (Reuters) - Most Southeast Asian stock markets edged down on Wednesday, dragged by financials as optimism over China's rate cut evaporated, with Manila shares falling for a fourth straight session to a more-than-one-month low. The Philippine stock index was down 0.8 percent, hovering at its lowest since March 20, but trading volume was thin. "Fund managers are waiting for an opportunity after the market hit a record high recently. The P/E ratio is high at the moment and China's growth slowdown has also been a concern," said Luis Limlingan, head of sales at Manila-based Regina Capital. Indonesia traded 0.1 percent weaker, Malaysia lost 0.2 percent, and Singapore was down 0.2 percent. Thai shares eased 0.3 percent led by financials. "We recommend investors accumulate more selective stocks and await the opportunity to take profit near the 1,580 level," Maybank Kim Eng Securities said in an investor note. Bucking the trend, Vietnam's benchmark VN Index rose 0.49 percent by midday with most blue-chips rebounding as fresh investment returned to the market after some profit-taking sessions. All markets except the Philippines gained in the previous session helped by China's stimulus to prop up its faltering economy. Financials dragged the index except in Singapore. Bank of the Philippine Islands and BDO Unibank each fell 2.1 percent in Manila and Bank Rakyat Indonesia was down 1.3 percent, dragging their main indices down. Krung Thai Bank, Thailand's second-largest lender whose first-quarter net profit missed expectations on increased loan loss provisions, fell 4.4 percent. Singapore banks, however, bucked the trend with largest lender DBS and United Overseas Bank gaining 0.2 percent and 0.4 percent respectively. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0527 GMT Market Current Prev Close Pct Move Singapore 3500.21 3508.61 -0.24 Kuala Lumpur 1853.73 1862.80 -0.11 Bangkok 1564.86 1569.35 -0.29 Jakarta 5453.35 5460.57 -0.13 Manila 7784.41 7846.94 -0.80 Ho Chi Minh 564.97 562.24 +0.49 (Reporting by Shihar Aneez in COLOMBO and Viparat Jantraprap in BANGKOK; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.