SE Asia Stocks-Mostly down on financials; Philippines down for fourth day

miércoles 22 de abril de 2015 02:01 GYT

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
    "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
    Indonesia traded 0.1 percent weaker, Malaysia
 lost 0.2 percent, and Singapore was down 0.2
    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
    All markets except the Philippines gained in the previous
session helped by China's stimulus to prop up its faltering
    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. 
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 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)