SE Asia Stocks-Weak globals knock region off highs; Philippine lags

Mon May 27, 2013 11:22am BST

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BANGKOK, May 27 (Reuters) - Philippine shares suffered their
biggest one-day drop since June 2012 on Monday while major
Southeast Asian stock markets edged lower as investors, wary of
weak global outlook, further sold the recently-rallying region.
 
    The Philippine main index finished down 2.4 percent
at a one-month low of 7,097.51, extending last week's 2.4
percent fall. Despite the sell-off, it was still up 22.1 percent
year-to-date, Asia's fifth best.
    "Fundamentally, nothing has changed. Recent credit ratings
upgrades have well backed up the market. The heavy selling was
due to weak external sentiment and Philippine stocks were the 
target of profit taking," said a Manila-based equities trader.
    For related credit ratings story; click 
    Among underperformers on the day, Jakarta's Composite Index
 slid 1.4 percent to 5,085.13, the lowest close in more
than one week. Bangkok's SET index was down 0.9 percent
at 1,593.10, coming off the key 1,600 level.
    Investors had expected the SET index to rise to 1,700 later
this year, according to Thailand's government pension fund.
    "Over the next two to three years, global economy may
recover slowly and equities returns should still be positive ...
if SET index hits 1,700, there may be some correction,"
Sopawadee Lertmanaschai, the fund's secretary-general told
reporters.
             
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   441.48        444.38       -0.65
 Singapore          3391.30       3393.17       -0.06
 Kuala Lumpur       1767.13       1773.06       -0.33
 Bangkok            1593.10       1607.46       -0.89
 Jakarta            5085.13       5155.09       -1.36
 Manila             7097.51       7268.91       -2.36
 Ho Chi Minh         512.41        500.24       +2.43
 
 Change on year
 Market             Current     End prev yr    Pct Move
 TR SE Asia Index*   441.48        424.10       +4.10
 Singapore          3391.30       3167.08       +7.08
 Kuala Lumpur       1767.13       1688.95       +4.63
 Bangkok            1593.10       1391.93      +14.45
 Jakarta            5085.13       4316.69      +17.80
 Manila             7097.51       5812.73      +22.10
 Ho Chi Minh         512.41        413.73      +23.85
 
* 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         210,876,400          272,313,503      
 Kuala Lumpur      144,209,200          178,095,200      
 
 Bangkok             7,613,160           10,140,589      
 Jakarta         4,237,449,500        4,413,509,283    
 Manila                 88,431              103,949    
 Ho Chi Minh            93,328               52,688
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