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SE Asia Stocks- Most end lower; Philippines drops on profit-taking
October 18, 2017 / 9:53 AM / a month ago

SE Asia Stocks- Most end lower; Philippines drops on profit-taking

    By Hanna Paul
    Oct 18 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday with the Philippines ending lower for the
first session in four as investors booked profits after a
prolonged rally.
    Philippine shares ended 0.78 percent lower at 8431.73.
    "Profit-taking is driving the market. It has been on an
uptrend for several weeks in anticipation of a successful
operation in Marawi," said Manny Cruz, an analyst at Asiasec
Equities Inc.
    President Rodrigo Duterte on Tuesday declared the southern
city of Marawi liberated from pro-Islamic State militants,
signalling the end of a battle that killed more than 1,000
people.
    "The early resolution or the successful military operation
was used as an excuse by investors to cash in on the recent
gains," Cruz said. 
    The government said its proposed domestic bond issue to fund
the rebuilding of Marawi was likely to be launched in January.

    Thai shares ended 1 percent lower after clocking
their biggest intraday drop in nearly a year.
    Data showing a 21.9 percent surge in auto sales in Thailand,
the regional vehicle production and export base for the world's
top car makers, had little impact on traders.
    Indonesian stocks also fell, dragged down by
telecommunication shares. Tekom Indonesia was the worst
performer in the benchmark even after the country's Ministry of
Communication and Informatics said the telecom giant's unit is
set to win a government auction for 2.3GHz spectrum.

    Meanwhile, Vietnam shares eased after touching a near
10-year peak as gains in the real estate sector were offset by
losses in industrials.
    Markets in Singapore and Malaysia were closed for a national
holiday.
    
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SOUTHEAST ASIAN STOCK MARKETS
  Change on the day                                   
  Market             Current      previous    Pct Move
                                  close       
  Bangkok            1709.33      1724.47     -0.88
  Manila             8431.73      8497.74     -0.78
  Jakarta            5929.201     5947.33     -0.30
  Ho Chi Minh        827.72       828.29      -0.07
                                              
  Change on year                              
  Market             Current      End 2016    Pct Move
  Bangkok            1709.33      1542.94     10.78
  Manila             8431.73      6952.08     21.28
  Jakarta            5929.201     5296.711    11.94
  Ho Chi Minh        827.72       672.01      23.17
 
 (Reporting by Hanna Paul; Editing by Vyas Mohan)
  

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