By Sandhya Sampath
March 20 Indonesian and Philippine shares fell
on Monday as investors chose to book profit after recent gains,
while Malaysia hit its highest in nearly 22 months on the back
of gains in telecom stocks.
The Jakarta Composite Index closed 0.1 percent lower
following last week's record-setting spree with consumer and
energy stocks leading the decline.
"I think it's just a bit of profit-taking," said Harry Su,
an analyst with Bahana Securities in Indonesia.
"Last week was a turning point for Indonesian equities. The
Federal Reserve made it clear that despite a rate hike, its
monetary policy remains 'accommodative'," said Taye Shim, head
of research at Jakarta-based Mirae Asset Sekuritas.
"Given most foreign investors have large cash positions, we
expect to see increased foreign net buying during this week."
Shares of tobacco maker Hanjaya Mandala Sampoerna Tbk PT
fell 1.3 percent, while United Tractors Tbk PT
dropped 3.4 percent.
An index of the 45 most liquid stocks was down 0.7
Philippine shares snapped two straight sessions of
gains, dragged down by financial and consumer stocks.
"The Philippine market weakened on account of profit-taking.
Ayala Land and SM Prime fell prey to selling pressure and
investors cashed in on gains," said Manny Cruz, an analyst with
Manila-based Asiasec Equities Inc.
Property developer SM Prime Holdings Inc closed 1
percent lower, while Ayala Land Inc ended down 1.6
Meanwhile, Malaysian shares closed higher for a
third consecutive session, after rising as much as 0.6 percent
to their highest in about 22 months.
Telecom stocks led the gains with Axiata Group Bhd
climbing 2.2 percent.
Singapore shares ended slightly lower, snapping two
sessions of gains, with financials and industrials leading the
The three big Singapore banks fell between 0.3 percent and
0.7 percent, while Singapore Technologies Engineering Ltd
declined 1.9 percent.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
Market Current Previous Close Pct Move
Singapore 3165.7 3169.38 -0.12
Bangkok 1563.54 1560.98 0.16
Manila 7316.57 7345.02 -0.39
Jakarta 5533.992 5540.432 -0.12
Kuala Lumpur 1749.41 1745.2 0.24
Ho Chi Minh 715.07 710.54 0.64
Change on year
Market Current End 2016 Pct Move
Singapore 3165.7 2880.76 9.89
Bangkok 1563.54 1542.94 1.34
Manila 7316.57 6840.64 7.0
Jakarta 5533.992 5296.711 4.48
Kuala Lumpur 1749.41 1641.73 6.56
Ho Chi Minh 715.07 664.87 7.6
(Reporting by Sandhya Sampath; Editing by Subhranshu Sahu)