SE Asia Stocks-Rallying Philippine retreats; Indonesia at new high

Thu Mar 7, 2013 10:32am GMT

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BANGKOK, March 7 (Reuters) - Southeast Asian stock markets
ended mostly weaker to flat on Thursday in line with weaknesses
in Asia, with the Philippines retreating from an all-time high
and Indonesia posting modest gains after Bank Indonesia left
rate unchanged as expected.
    Investors cashed in large caps such as Philippine Long
Distance Telephone Co (PLDT) which fell 1.7 percent.
The stock rallied early in the week on strong quarterly results.
 
    Citi Research downgraded PLDT shares to 'sell' from 'buy'
and cut their price target to 2,700 peso.
    "PLDT's share price has run up owing to a combination of
domestic liquidity inflows and hope that competition improves.
We now find valuations to be expensive and profit momentum is
likely falling short of prior targets," the broker said in a
report dated March 6.
    PLDT shares closed at 2,942 peso on Thursday.
    The Philippines closed down 1.6 percent at 6,725.13
after hitting a record close of 6,835.21 on Wednesday. Malaysia
 ended nearly unchanged at 1,650.93 after a nearly 1
percent gain over the past two sessions.
    Malaysia is Asia's worst performer in 2013 with a
year-to-date loss of 2.3 percent. Domestic investors were net
sellers of the market this year amid cautious views ahead of a
national election expected in the first half of 2013.
    Foreign investors bought Malaysian shares on Thursday, their
fifth consecutive session for the month, with a net buying of
$68.28 million, taking their net buying to around $320 million
month to date.
    Singapore edged up 0.2 percent at 3,298.54 and
Thailand was up 0.1 percent at 1,560.98, hovering around
a 19-year high.
    Indonesia gained 0.5 percent to 4,848.30, marking a
record close for a second straight session, led by a 2.1 percent
gain in PT Bank Mandiri Persero Tbk.
    Indonesia's central bank left its benchmark interest rate
unchanged at a record low 5.75 percent, as expected, saying it
expects price pressures to ease after inflation hit a 20-month
high in February. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   443.23        447.72       -1.00
 Singapore          3298.54       3291.81       +0.20
 Kuala Lumpur       1650.93       1651.84       -0.06
 Bangkok            1560.98       1559.35       +0.10
 Jakarta            4848.30       4824.68       +0.49
 Manila             6725.13       6835.21       -1.61
 Ho Chi Minh         466.63        471.09       -0.95
 
 Change on year
 Market             Current     End prev yr    Pct Move
 TR SE Asia Index*   443.23        424.10       +4.51
 Singapore          3298.54       3167.08       +4.15
 Kuala Lumpur       1650.93       1688.95       -2.25
 Bangkok            1560.98       1391.93      +12.15
 Jakarta            4848.30       4316.69      +12.32
 Manila             6725.13       5812.73      +15.70
 Ho Chi Minh         466.63        413.73      +12.79
 
* The Thomson Reuters South East Asia Index               is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
    
 Stock Market Volume (shares)
 Market          Current Volume    Average Volume 30 days
 Singapore         299,845,100          272,313,503      
 Kuala Lumpur      124,965,900          159,937,040      
 
 Bangkok            12,362,339           15,735,221      
 Jakarta         6,283,457,500        5,535,998,733    
 Manila                111,620              136,295    
 Ho Chi Minh            46,949               74,198
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