SE Asia Stocks - Most edge higher; Indonesia retreats after trade data

miércoles 15 de julio de 2015 02:43 GYT

BANGKOK, July 15 (Reuters) - Most Southeast Asian stock
markets posted modest gains on Wednesday, fretting over a slump
in Chinese shares while stocks in Indonesia retreated on the
country's narrower trade surplus. 
    The Jakarta composite index eased 0.6 percent,
retreating from a third straight day of gains to a one-week high
on Tuesday. Top large cap losers included Bank Negara Indonesia
 and Astra International, each falling more
than 2 percent.
    Indonesia's trade surplus narrowed to $477 million in June
from a revised $1.08 billion in May. The surplus was Indonesia's
seventh straight monthly surplus. 
    Shares in Jakarta fell in light trading volume ahead of a
long market holiday. Indonesian financial markets will be closed
from July 16 to July 21 for the Eid al-Fitr celebrations.
Markets will reopen for trading on July 22. 
    Volume in Malaysia and Singapore each was
about a third of a 30-day average. Malaysia's stock exchange
will trade for a half day on Thursday before a market holiday on
Friday. Singapore is closed on Friday for a market holiday.
    Asian stocks erased most of their gains on Wednesday and
Chinese shares slumped despite upbeat economic data while
investors continued to await other key events, including a Greek
parliamentary vote on austerity measures. 
    Bangkok's SET index hit a near two-week high led by
shares of builders such as Italian Thai Development.
The cabinet approved a construction plan for domestic motorway
routes which lifted the outlook for the construction industry,
brokers said. 
    Brokers expected market gains to be short-lived as large
sectors such as banks were expected to report weak
quarterly results. 
    "We see any rallies as a profit-taking opportunity. The
market remains vulnerable to further downside risk posed by
possible corporate earnings downgrades after the end of the
second-quarter earnings season," said broker Phillip Securities.
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 Change at 0554 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3329.12       3316.50       +0.38
 Kuala Lumpur       1724.27       1721.10       +0.18
 Bangkok            1494.74       1488.40       +0.43
 Jakarta            4870.88       4901.81       -0.63
 Manila             7560.47       7538.76       +0.29
 Ho Chi Minh         639.36        638.69       +0.10
 (Reporting by Viparat Jantraprap; Editing by Jacqueline Wong)