BANGKOK, May 27 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
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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