SE Asia Stocks-Philippines falls on profit-taking, Vietnam hits 10-yr high

Trade News

SE Asia Stocks-Philippines falls on profit-taking, Vietnam hits 10-yr high

Wednesday, October 18,2017

AsemconnectVietnam - Most Southeast Asian stock markets retreated on Wednesday with the Philippines giving up more than 1 percent as investors cashed in on the gains recorded over the past few weeks.

Philippine shares .PSI fell as much as 1.4 percent, marking their biggest intraday percentage drop in more than three weeks.

"Profit-taking is driving the market. The market has been on an uptrend for several weeks in anticipation of the successful operation in the hostility in Marawi," said Manny Cruz, an analyst at Asiasec Equities Inc.

President Rodrigo Duterte on Tuesday declared the southern city of Marawi liberated from pro-Islamic State militants, signalling the end of a battle that killed more than 1,000 people.

"The early resolution or the successful military operation was used as an excuse by investors to cash in on the recent gains," Cruz said.

The government said its proposed domestic bond issue to fund the rebuilding of Marawi was likely to be launched in January.

Thai shares .SETI also posted their biggest intraday dip in about three weeks.

Data showing a 21.9 percent surge in auto sales in Thailand, the regional vehicle production and export base for the world's top car makers, had little impact on traders.

Indonesian stocks .JKSE also fell, with the telecommunication sector leading the losses.

Meanwhile, Vietnam shares .VNI inched higher to touch a near 10-year peak, with gains in consumer staples and utilities lifting the index.

Markets in Singapore and Malaysia were closed for a national holiday.

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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AS AT 0400 GMT

Change on the day

Market	Current	Previous close	Pct Move
Bangkok	1717.11	1724.47	-0.43
Manila	8379.77	8497.74	-1.39
Jakarta	5923.532	5947.33	-0.40
Ho Chi Minh	830.25	828.29	0.24

Change on year

Market	Current	End 2016	Pct Move
Bangkok	1717.11	1542.94	11.29
Manila	8379.77	6840.64	22.5
Jakarta	5923.532	5296.711	11.83
Ho Chi Minh	830.25	664.87	24.9

Source: Reuters.com

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