June 5, 2020 / 4:32 AM / a month ago

SE Asia Stocks-Philippines leads regional retreat after bumper week

    * Philippines snaps 7-day winning streak
    * Losses in financials drag Indonesian index
    * Singapore, Thailand set to gain for fifth day

    By Arundhati Dutta
    June 5 (Reuters) - Philippine stocks plunged over 3% in
early trade on Friday as investors locked in profits after seven
straight sessions of sharp gains, with most other Southeast
Asian markets slipping into the red after a bumper week of
gains.
    Singapore and Malaysia were still on course for their best
week since a little over a decade, while Philippine stocks were
set to rack up their biggest weekly gain since March this year
as optimism both regionally and globally about the reopening of
coronavirus-hit economies coursed through markets.
    Governments across the region have also been taking steps to
counter the impact of the crisis. 
    Ruben Carlo Asuncion, chief economist, UnionBank of the
Philippines, said the pull back was driven by investors booking
profits on the back of a halt in gains for the world's major
stock markets on Thursday.
    Leading the fall, Philippine shares lost as much as
3.3%, with blue chip conglomerates SM Investments Corp
and Ayala Land Inc sliding nearly 5%, each.
    The Indonesian benchmark shed as much as 1.3%, with
financials accounting for most of the losses. PT Bank Central
Asia Tbk slipped up to 3.5%. 
    Malaysian shares edged lower, while Vietnamese
equities were subdued. 
    On the upside, Singaporean stocks, up for a fifth
day, rose as much as 0.7%, lifted by gains in heavyweights such
as Jardine Matheson Holdings Ltd and United Overseas
Bank Ltd. 
    Thai shares were slightly higher and extended gains
to a fifth session, helped by communication services and
financials. 

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0343 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2722.17       2707.2       0.55
  Bangkok          1414.61       1411.01      0.26
  Manila           6418.89       6517.49      -1.51
  Jakarta          4897.899      4916.704     -0.38
  Kuala Lumpur     1558.47       1561.84      -0.22
 Ho Chi Minh       883.24        883.9        -0.07
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2722.17       3222.83      -15.53
  Bangkok          1414.61       1579.84      -10.46
  Manila           6418.89       7,815.26     -17.87
  Jakarta          4897.899      6,299.54     -22.25
  Kuala Lumpur     1558.47       1588.76      -1.91
  Ho Chi Minh      883.24        960.99       -8.09
 


 (Reporting by Arundhati Dutta; Editing by Shailesh Kuber)
  
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