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SE Asia Stocks - Philippines at four-month low after Q1 GDP miss
May 28, 2015 / 5:17 AM / 3 years ago

SE Asia Stocks - Philippines at four-month low after Q1 GDP miss

BANGKOK, May 28 (Reuters) - Philippine shares hit a more
than four-month low on Thursday after economic growth in the
first quarter was slower than expected, while Thai stocks
retreated after disappointing manufacturing output data.
    The Philippine composite index fell 1.6 percent to 7,477.44,
its  lowest since Jan. 23. Selling was broad-based, with falls
in 24 out of 30 large-caps measured by the index.
    BDO Unibank Inc and JG Summit Holdings Inc 
both dropped more than 5 percent, and were the top percentage
losers on the gauge.
    Philippine economic growth in the first quarter was slower
than expected due to weaker growth in industry and agriculture,
the government said on Thursday. 
    The Thai SET index was down 0.5 percent in light
trading, with about 2 billion shares changing hands, just 27
percent of the full-day average over the past 30 days.
Large-caps were among the actively traded, including PTT
 and Kasikornbank.
    Data showed the manufacturing output index fell 5.3 percent
in April compared with an expected 2 percent fall in a Reuters
poll, reflecting weakness in sectors such as hard drives and 
electrical appliances. 
    The SET regained most its early lost ground at one point
after Moody's said Thailand's ratings supported by the
government's strong financial position. 
    Thin trading volume is expected to keep the market volatile,
strategists at broker Maybank Kim Eng Securities said in a
    "The SET could go up and down by 10 points during trading
hours due to low confidence... Investors are also looking out
for the economic numbers for April, which will be announced
tomorrow," they said. 
    Malaysia's index, which closed at a more than
four-month low on Wednesday, erased early losses and was a tad
    Most other sharemarkets in Southeast Asia hovered in
negative territory in line with weak sentiment in Asia amid
expectations the U.S. Federal Reserve would raise rates later
this year. 
    Indexes in Singapore and Indonesia, which
faced selling pressure on Wednesday due to U.S. rate hike
worries, both fell slightly, while Vietnam rebounded 1.2
For Asian Companies click;  

 Change at 0445 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3416.25       3424.94       -0.25
 Kuala Lumpur       1755.30       1755.05       +0.01
 Bangkok            1493.30       1500.84       -0.50
 Jakarta            5252.68       5253.39       -0.02
 Manila             7477.44       7598.70       -1.60
 Ho Chi Minh         573.08        566.48       +1.17
 (Reporting by Viparat Jantraprap; Editing by Prateek

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