SE Asia Stocks-Retreat on profit-taking; Vietnam hits 8-yr high

martes 5 de julio de 2016 01:19 GYT
 

By Shashwat Pradhan
    July 5 (Reuters) - Most Southeast Asian stocks fell on
Tuesday as investors booked profits after a broad-based rally
that was driven by hopes central banks would intervene to offset
a likely downturn triggered by Britain's decision to leave the
European Union.
    Britain's vote to leave, termed Brexit, has ramped up the
urgency for some Asian central banks to ease monetary policy, as
a prolonged period of uncertainty might lead a wider downshift
in trade and investment. 
    "There is a slight profit-taking because at this level the
indices are very expensive. For now, there are no catalysts to
push the markets higher," said Grace Aller of AP Securities in
Manila.
    Markets were also affected by a slide in oil prices after
analysts predicted demand will weaken amid concerns about the
global economic outlook. 
    The Philippine index dipped marginally, snapping two
days of gains, with financial stocks such as SM Prime Holdings
Inc being the biggest drag on the index. 
    The Philippines on Tuesday cut its economic growth targets
for this year and next, citing weak farm output due to El Nino
and external headwinds. 
    Malaysia edged lower, dragged down by telecom stocks
such as Maxis Bhd.
    Bucking the trend, Vietnam's benchmark index hit an
8-year high, extending gains into a seventh-straight session.
The rally was aided by strong performance of financial stocks.
    A rise in coffee prices to a near 11-month high in the
world's largest robusta producer also aided sentiment, prompting
farmers to unload stocks, traders said. 
    The Indonesian stock market will be closed from July
4 to July 8 for end-of-Ramadan celebrations.
    Asian shares fell, with the MSCI's broadest index of
Asia-Pacific shares outside Japan down 0.7
percent. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
  STOCK MARKETS                                           
  Change at 0455 GMT                                      
  Market              Current       Prev close   Pct Move
  Singapore           2868.09       2870.56      -0.09
  Bangkok             1454.15       1454.56      -0.03
  Manila              7816.86       7846.54      -0.38
  Kuala Lumpur        1650.71       1654.84      -0.25
  Ho Chi Minh         654.25        647.96       0.97
                                                 
  Change on year                                 
  Market              Current       End-2015     Pct Move
  Singapore           2868.09       2882.73      -0.51
  Bangkok             1454.15       1288.02      12.90
  Manila              7816.86       6952.08      12.44
  Kuala Lumpur        1650.71       1692.51      -2.47
  Ho Chi Minh         654.25        579.03       12.99
                                                          
 
 (Reporting by Shashwat Pradhan; Editing by Biju Dwarakanath)