May 20, 2016 / 10:08 AM / 2 years ago

SE Asia Stocks-Philippines extends losses; S'pore rebounds as banks gain

By Anusha Ravindranath
    May 20 (Reuters) - Southeast Asian stocks were lower to flat
on Friday except Singapore which recovered from two days of
losses as big banks gained, while the Philippine index drifted
nearly 2 percent lower to hit its lowest close in 10 days.
    Asian shares edged up on Friday but were on track for a
weekly loss, with MSCI's broadest index of Asia-Pacific shares
outside Japan up 0.4 percent, though still down
0.5 percent for the week.
    The Philippine index closed at its lowest since May
10, dragged down by financials, its biggest constituent. It 
lost 1.9 percent on the week. 
    BDO Unibank Inc shed 2.9 percent, while
Metropolitan Bank and Trust Co was down 1.3 percent. 
    "We advise taking profits on issues still trading at
overbought conditions as index correction will most likely drag
prices lower," said research firm Regina Capital. 
    Singapore's Straits Times Index recovered after
losing 1.3 percent in the previous session on concerns the U.S
Federal Reserve would raise rates as early as June.
    The index lost 1.1 percent for the week.  
    "We believe that the higher interest rate expectation has
been baked into the market," Carey Wong, a research manager with
Singapore-based OCBC Investment Research said. "We are starting
to see a rebound in Singapore from early lows, led by banks -
the usual beneficiaries of rising interest rates." 
    Financial stocks, the biggest constituent of
the index, closed 0.6 percent higher.
    DBS Group Holdings, Southeast Asia's biggest bank
by assets, gained 0.8 percent. 
    Indonesia was flat after government revised down its
economic growth assumption for 2017. 
    Vietnam lost 0.7 percent, led down by banks. 
    Thai markets were closed for a public holiday.
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  STOCK MARKETS                                        
  Change on the                                        
   Market          Current       previous     Pct Move
   Singapore       2763.82       2740.11      0.87
   Manila          7299.03       7427.33      -1.73
   Jakarta         4711.878      4704.217     0.16
   Kuala Lumpur    1628.79       1633.76      -0.30
   Ho Chi Minh     614.81        619.2        -0.71
 Change so far                                
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2763.82       2882.73      -4.12
  Bangkok          1385.86       1288.02      7.60
  Manila           7299.03       6952.08      4.99
  Jakarta          4711.878      4593.008     2.59
  Kuala Lumpur     1628.79       1692.51      -3.76
  Ho Chi Minh      614.81        579.03       6.18

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Biju
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