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SE Asia Stocks-Flat to lower; Philippines falls 1 pct on profit-taking
May 12, 2017 / 4:22 AM / 7 months ago

SE Asia Stocks-Flat to lower; Philippines falls 1 pct on profit-taking

    By Hanna Paul
    May 12 (Reuters) - Most Southeast Asian stock markets were
flat to lower on Friday, with the Philippines declining for a
third time this week on profit-taking, while Indonesia posted
its biggest intraday percentage gain in three weeks. 
    Asian stocks slipped, tracking Wall Street which was dragged
down by a selloff in shares of department stores.

    Philippine stocks fell as much as 1.1 percent to
their lowest in over a week, with real estate stocks declining
the most.
    "The Philippine market has run up significantly in the past
few days, so many investors are cashing in on gains. Investors
are taking advantage of the fact that some companies are trading
near record levels," said Lexter Azurin, AVP - senior analyst at
AB Capital Securities.
    "When we look at the valuations for the market on a PE
(price-earnings) basis, we are close to trading at 19 times
based on 2017 estimates and we're quite expansive compared to
regional counterparts."
    Philippine shares had gained 13.1 percent this year as of
Thursday's close.
    Singapore shares dropped as much as 0.4 percent with
financials such as United Overseas Bank and
Oversea-Chinese Banking Corp leading the losses. 
    Noble Group shares slumped more than 30 percent,
after shedding 33 percent in the previous session. The
Singapore-listed commodity trader reported a quarterly loss on
Thursday, stoking worries that it was failing to recover from a
crisis-wracked two years. Founder Richard Elman stepped down
from the role of executive chairman.
    Indonesian shares gained as much as 0.8 percent on
resumption of trade following a holiday on Thursday and were on
track to snap two straight sessions of losses.   
    Financial stocks such as PT Bank Mitraniaga Tbk
and PT Multi Indocitra Tbk led the gains on Friday.
    Indonesia's retail sales in March grew 4.2 percent from a
year earlier, a faster pace than in February, a survey by Bank
Indonesia showed on Wednesday.
    A survey of 700 retailers in 10 major cities predicted that
April's annual retail sales growth would be 5.4 percent.
  Market           Current       Previous     Pct Move
  Singapore        3259.62       3271.11      -0.35
  Bangkok          1544.45       1550.27      -0.38
  Manila           7731.88       7816.4       -1.08
  Jakarta          5686.709      5653.008     0.6
  Kuala Lumpur     1776.61       1775.39      0.07
  Ho Chi Minh      726.08        724.99       0.15
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3260.71       2880.76      13.19
  Bangkok          1543.39       1542.94      0.03
  Manila           7731.8        6840.64      13
  Jakarta          5685.884      5296.711     7.35
  Kuala Lumpur     1776.68       1641.73      8.22
  Ho Chi Minh      726.2         664.87       9.2
 (Reporting by Hanna Paul; Editing by Subhranshu Sahu)

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