By Anusha Ravindranath
May 16 Most Southeast Asian stock markets ended
flat to lower on Tuesday with Singapore closing at its
weakest level in nearly two weeks as industrials including
heavyweight Jardine Matheson saw heavy selling.
Singapore shares have been trading near their 21-month high
in the past few sessions after strong corporate earnings boosted
"Some profit-taking could be underway after the Singapore
STI rose to a fresh high (yesterday) since July 2015," said
Jingyi Pan, market strategist at IG in Singapore.
Singapore's benchmark index ended 1.12 percent lower.
"Jardine Matheson is leading the losses and dragging the
overall index. Meanwhile, ComfortDelGro has been under
selling pressure following broker downgrades," she added.
Jardine Matheson fell to a three-month low and closed 4.3
percent lower while shares of taxi operator ComfortDelGro Corp
ended down 3.1 percent.
Citi on Monday cut its target price for the stock, while
OCBC Investment slashed ComfortDelGro's fair value.
Jakarta snapped two sessions of gains and finished
0.7 percent lower with Bank Central Asia Tbk PT ending
down 4.7 percent.
A Reuters poll on Tuesday showed Indonesia's central bank is
expected to keep its benchmark interest rate unchanged on
Malaysia and Vietnam were largely flat while
Thailand shares gained as energy stocks rose on
expectations of extended crude supply cuts.
Top oil producers PTT and PTT Exploration and
Production added 1.8 percent and 2.1 percent,
Philippines rebounded, helped by gains in real estate
stocks and financials, after falling in the last two sessions as
investors geared up for two upcoming major initial public
"I would say this is a technical rebound," said Joseph
Roxas, analyst at Manila-based Eagle Equities.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Pct Move
Singapore 3227.71 3264.21 -1.12
Bangkok 1546.35 1537.42 0.58
Manila 7791.07 7772.93 0.23
Jakarta 5646.999 5688.87 -0.74
Kuala Lumpur 1778.15 1778.65 -0.03
Ho Chi Minh 725.03 725.35 -0.04
Change so far
Market Current End 2016 Pct Move
Singapore 3227.71 2880.76 12.04
Bangkok 1546.35 1542.94 -0.22
Manila 7791.07 6840.64 -12.2
Jakarta 5646.999 5296.711 6.61
Kuala Lumpur 1778.15 1641.73 8.31
Ho Chi Minh 725.03 664.87 -8.3
(Reporting by Anusha Ravindranath in Bengaluru; Editing by Vyas