May 12, 2016 / 5:26 AM / 2 years ago

SE Asia Stocks-Philippines snaps 2 days of gains on profit-taking; Thai up

By Shashwat Pradhan
    May 12 (Reuters) - Southeast Asian stocks were mostly flat
to higher on Thursday, but the Philippine index snapped two
sessions of nearly 6 percent gains on profit-taking and ahead of
a central bank decision on interest rates later in the day.
    Asian markets fell on Thursday, with MSCI's broadest index
of Asia-Pacific shares outside Japan down 0.3
percent after Wall Street suffered its worst day since February
following downbeat quarterly retail reports. 
   The Philippine stock index fell more than 1 percent at
0501 GMT on profit-taking, dragged down by financial and
industrial stocks.
    The index rose 5.8 percent over the past two days after an
unofficial count of votes by an election commission-accredited
watchdog showed firebrand mayor Rodrigo Duterte had won Monday's
presidential election, ending months of uncertainty for
    Ten of 11 economists surveyed by Reuters said the Philippine
central bank will leave the overnight borrowing rate
 at 4.0 percent, where it has been for 20 months. 
     Grace Aller at AP Securities in Manila said the Philippine
market was merely correcting after the strong rally of the past
two days. 
    Aller said the price-to-earnings multiple, or P/E ratio, for
the index was high compared to peers but the rally was evidence
that investors were using the opportunity to buy stocks at a
cheaper price.
    The Thai SET Index rose led by consumer stocks, with
Thailand's largest meat and feed producer, Charoen Pokphand
Foods, rising as much as 6.7 percent to its highest
since Jan. 2015 following strong earnings.
    Jakarta was up marginally, led by consumer stocks,
after a Bank Indonesia survey showed retail sales in March grew
11.6 percent. 
    Gudang Garam Tbk, Indonesia's second-biggest
cigarette maker by market value, rose as much as 3.9 percent to
a record high.
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  STOCK MARKETS                                              
  Change on the day                                          
  Market              Current       previous     Pct Move
  Singapore           2732.37       2732.87      -0.02
  Bangkok             1385.42       1382.41      0.22
  Manila              7310.1        7396.52      -1.17
  Jakarta             4819.032      4799.964     0.40
  Kuala Lumpur        1644.91       1644.58      0.02
  Ho Chi Minh         615.68        614.06       0.26
  Change so far this                             
  Market              Current       End prev yr  Pct Move
  Singapore           2732.37       2882.73      -5.22
  Bangkok             1385.42       1288.02      7.56
  Manila              7310.1        6952.08      5.15
  Jakarta             4819.032      4593.008     4.92
  Kuala Lumpur        1644.91       1692.51      -2.81
 Ho Chi Minh          615.68        579.03       6.33
 (Reporting by Shashwat Pradhan; Editing by Biju Dwarakanath)
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