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

martes 5 de julio de 2016 06:23 GYT
 

By Shashwat Pradhan
    July 5 (Reuters) - Most Southeast Asian stocks ended lower
on Tuesday as investors booked profits after a broad-based rally
over the past few sessions 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 has ramped up the urgency for some
Asian central banks to ease monetary policy, as a prolonged
period of uncertainty might lead to a wider downshift in trade
and investment. 
    "There is 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.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.8 percent.
    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 eased half a percent, snapping
two days of gains, with financial stocks such as SM Prime
Holdings Inc among the biggest losers.
    The Philippines on Tuesday cut its economic growth targets
for this year and the next, citing weak farm output due to El
Nino and external headwinds. 
    Singapore closed lower, snapping five straight
sessions of gains, with financial stocks contributing to half
the losses.
    Activity at Singapore factories worsened slightly in June,
shrinking for a 12th straight month on falling new orders and
exports, a survey showed on Monday, as weak global demand
continues to hurt the trade-dependent economy. 
    Bucking the trend, Vietnam ended at a
more-than-8-year high, aided by financial stocks such as
Vietcombank which hit its highest intraday level since
July 2015.
    Vietnam recorded a seventh straight session of gains in what
is the longest streak of daily gains since March 2014.
    The Indonesian stock market is closed for Ramadan
celebrations this week.
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 STOCK MARKETS                              
 Change on day                              
 Market           Current      Prev Close  Pct Move
 Singapore        2864.67      2870.56     -0.21
 Bangkok          1450.07      1454.56     -0.31
 Manila           7808.13      7846.54     -0.49
 Kuala Lumpur     1650.71      1654.84     -0.25
 Ho Chi Minh      650.88       647.96      0.45
                                            
 Change on year                             
 Market           Current      End 2015    Pct Move
 Singapore        2864.67      2882.73     -0.63
 Bangkok          1450.07      1288.02     12.58
 Manila           7808.13      6952.08     12.31
 Kuala Lumpur     1650.71      1692.51     -2.47
 Ho Chi Minh      650.88       579.03      12.41
 
 (Reporting by Shashwat Pradhan; Editing by Sunil Nair)