SE Asia Stocks-Indonesia rises on continued foreign buying; Singapore down
By Aparajita Saxena July 19 (Reuters) - Most Southeast Asian stock markets rose on Tuesday, led by Indonesia on continued buying from foreign investors, while Singapore fell to a four-session low with oil and gas stocks making up most of the losses. Global oil prices eased as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories. Singapore shares were headed for their first fall in three sessions, with oil rig builders Sembcorp Industries Ltd , Sembcorp Marine Ltd and Keppel Corp among the biggest losers. Indonesian shares were on track to post their third session of gains, with Protech Mitra Perkasa Tbk PT and Multiple Technology Tbk PT among the biggest gainers. "Foreigners have been net buying Indonesian equities for 15 consecutive sessions since June 21," said Taye Shim, an analyst with Daewoo Securities Indonesia. "We expect to see profit-taking by foreigners, and forecast mild correction during today's trading session." Philippine stocks recovered from the previous session's losses and were on track to post their seventh session of gains in eight, led by utilities and consumer cyclicals. "The market is no longer cheap. Analysts are therefore looking forward to the earning season and hopefully we'll see a lot of companies beating expectations to justify further increase in share prices," said April Lee Tan, an analyst with Manila-based COL Financial Inc. "We're still enjoying ample liquidity and in general are seeing funds flow into emerging markets and benefitting from that post-Brexit." Energy company Aboitiz Equity Ventures Inc rose 2.98 percent, while DMCI Holdings Inc gained 1.43 percent. Malaysia and Vietnam shares were flat. Thailand stock markets were closed on Tuesday for a national holiday. STOCK MARKETS Change at 0425 GMT Market Current Previous close Pct Move Singapore 2908 2928.76 -0.71 Manila 8015.38 7986.25 0.36 Jakarta 5165.861 5127.501 0.75 Kuala Lumpur 1669.76 1670.84 -0.06 Ho Chi Minh 673.97 673.5 0.07 Change on year Market Current End 2015 Pct Move Singapore 2908 2882.73 0.88 Manila 8015.38 6952.08 15.29 Jakarta 5165.861 4593.008 12.47 Kuala Lumpur 1669.76 1692.51 -1.34 Ho Chi Minh 673.97 579.03 16.40 For Asian Companies click; (Reporting by Aparajita Saxena; Editing by Subhranshu Sahu)
© Thomson Reuters 2017 All rights reserved.