June 8, 2016 / 5:16 AM / 2 years ago

SE Asia Stocks-Indonesia down on profit-taking; Philippines, Vietnam up

By Krishna V Kurup
    June 8 (Reuters) - Southeast Asian stocks were trading
cautiously on Wednesday, in line with Asian markets, with
Indonesia snapping three consecutive days of gains on
profit-taking, while the Philippine index and Vietnam extended
gains from the previous session.
    Asian peers were flat, as weak Chinese export data offset a
brightening energy sector outlook and an expected delay in
interest rate hikes by the U.S. Federal Reserve. 
    China's May exports fell by a more-than-expected 4.1 percent
from a year earlier, while oil prices stood steady near their
highest level in about eight months.  
    Indonesian shares fell 0.4 percent, dragged down by
telecommunication services and consumer staples.
    "Expect JCI (Jakarta Composite Index) to experience profit
taking pressure given Fed's delayed rate hike in June have been
largely factored in," said Taye Shim, an analyst at Daewoo
Securities Indonesia in a note.
    "Also, expect to see further softening of transaction volume
as investors are likely to wait for key market data ahead of BI
(Bank Indonesia) meeting, British referendum, and June FOMC
(Federal Open Market Committee meeting)," Shim said.
    Britain is due to hold a referendum on June 23 on its
membership in the European Union. U.S. Fed policy-makers next
meet on June 14-15 to decide on rates.
    The Philippine index however extended gains from
Tuesday, led by energy and telecommunication services.
    Philippine Long Distance Telephone Co rose 4.2
percent, while San Miguel Corp was up 3.2 percent. 
    Analysts however said the index was ripe for a bout of
    "Based on near-overbought RSI, together with sustained
increase in ADX (momentum) readings, we expect the index to test
7,800 today," Regina Capital said in a note.
    "However, we are also setting this as the 'take profit'
target due to expected increase in volatility which could bring
about corrections."
    Vietnam was up a little more than 1 percent at
    The index rose on gains in energy stocks and several blue
chips, said a trader in Vietnam, adding he expects it to drop
after hitting 630 points.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.1 percent. 
For Asian Companies click;  

  STOCK MARKETS                                          
 Change at 0440 GMT                                      
  Market             Current       previous     Pct Move
  Singapore          2856.55       2848.09      0.30
  Bangkok            1440.27       1442.42      -0.15
  Manila             7783.48       7710.54      0.95
  Jakarta            4912.397      4933.989     -0.44
  Kuala Lumpur       1654.54       1660.62      -0.37
 Ho Chi Minh         631.45        624.65       1.09
  Change on year                                
  Market             Current       End prev yr  Pct Move
  Singapore          2856.55       2882.73      -0.91
  Bangkok            1440.27       1288.02      11.82
  Manila             7783.48       6952.08      11.96
  Jakarta            4912.397      4593.008     6.95
  Kuala Lumpur       1654.54       1692.51      -2.24
 Ho Chi Minh         631.45        579.03       9.05

 (Reporting by Krishna V Kurup in Bengaluru,; Additional
reporting by My Pham in Hanoi; Editing by Biju Dwarakanath)
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