SE Asia Stocks-Indonesia down on profit-taking; Philippines, Vietnam up
By Krishna V Kurup June 8 (Reuters) - Southeast Asian stocks were trading cautiously on Wednesday, in line with Asian markets, with Indonesia snapping three consecutive days of gains on profit-taking, while the Philippine index and Vietnam extended gains from the previous session. Asian peers were flat, as weak Chinese export data offset a brightening energy sector outlook and an expected delay in interest rate hikes by the U.S. Federal Reserve. China's May exports fell by a more-than-expected 4.1 percent from a year earlier, while oil prices stood steady near their highest level in about eight months. Indonesian shares fell 0.4 percent, dragged down by telecommunication services and consumer staples. "Expect JCI (Jakarta Composite Index) to experience profit taking pressure given Fed's delayed rate hike in June have been largely factored in," said Taye Shim, an analyst at Daewoo Securities Indonesia in a note. "Also, expect to see further softening of transaction volume as investors are likely to wait for key market data ahead of BI (Bank Indonesia) meeting, British referendum, and June FOMC (Federal Open Market Committee meeting)," Shim said. Britain is due to hold a referendum on June 23 on its membership in the European Union. U.S. Fed policy-makers next meet on June 14-15 to decide on rates. The Philippine index however extended gains from Tuesday, led by energy and telecommunication services. Philippine Long Distance Telephone Co rose 4.2 percent, while San Miguel Corp was up 3.2 percent. Analysts however said the index was ripe for a bout of profit-taking. "Based on near-overbought RSI, together with sustained increase in ADX (momentum) readings, we expect the index to test 7,800 today," Regina Capital said in a note. "However, we are also setting this as the 'take profit' target due to expected increase in volatility which could bring about corrections." Vietnam was up a little more than 1 percent at 631.45. The index rose on gains in energy stocks and several blue chips, said a trader in Vietnam, adding he expects it to drop after hitting 630 points. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0440 GMT Market Current previous Pct Move close Singapore 2856.55 2848.09 0.30 Bangkok 1440.27 1442.42 -0.15 Manila 7783.48 7710.54 0.95 Jakarta 4912.397 4933.989 -0.44 Kuala Lumpur 1654.54 1660.62 -0.37 Ho Chi Minh 631.45 624.65 1.09 Change on year Market Current End prev yr Pct Move Singapore 2856.55 2882.73 -0.91 Bangkok 1440.27 1288.02 11.82 Manila 7783.48 6952.08 11.96 Jakarta 4912.397 4593.008 6.95 Kuala Lumpur 1654.54 1692.51 -2.24 Ho Chi Minh 631.45 579.03 9.05 (Reporting by Krishna V Kurup in Bengaluru,; Additional reporting by My Pham in Hanoi; Editing by Biju Dwarakanath)
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