July 24, 2019 / 10:18 AM / 4 months ago

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

    * Philippines, Indonesia at lowest close in two weeks
    * Jollibee Foods top drag on Philippine benchmark 
    * Singapore reverses course to end lower

    By Anushka Trivedi
    July 24 (Reuters) - Philippine shares closed at a two-week
low on Wednesday as investors booked profits in financial
stocks, while most Southeast Asian markets ended lower. 
    The country's biggest banks BDO Unibank Inc, Bank
of the Philippine Islands and Metropolitan Bank and
Trust Co lost between 0.7% and 2.3%.
    "I think this is more of a profit-taking for the banking
sectors as the rally in the last couple of trading days were led
by rally from the banks" said Miguel Ong, a research analyst
with AP Securities.
    Jollibee Foods Inc fell 8% to its lowest close in
over nine months and was the worst performer on the benchmark.
    The stock was sold heavily after the Asian fast-food giant
said it would to acquire U.S. brand Coffee Bean & Tea Leaf for
$100 million to continue its push for an expansion outside its
home market.
    "A lot of foreign investors are iffy regarding the
acquisition, since the acquisition of Smashburger in 2015 has
not resulted in better earnings for Jollibee," Rachel Cruz, a
research analyst with AP Securities said. 
    Meanwhile, cautious investors pulled money from other
Southeast Asian markets ahead of the European Central Bank's
meeting on Thursday, and the U.S. Federal Reserve's
much-anticipated policy decision the following week. 
    "There is more potential for downside risk rather than
upside risk. So I think investors are seeing this as little bit
more of an opportunity to take profit rather than a long-term
investment opportunity" said Taye Shim, head of research, Mirae
Asset Sekuritas.
    Indonesia's benchmark fell to a two-week trough with
growth concerns weighing on the sentiment.
    With Bank Indonesia slashing interest-rates recently,
Southeast Asia's second-biggest economy's second-quarter GDP is
expected to be "pretty much at a higher risk of disappointment
rather than a positive surprise", Shim added.
     Singapore and Malaysian shares ended the session
slightly lower.
         
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3368.44   3373.13         -0.14
 Bangkok                1725.44   1724.87         0.03
 Manila                 8161.49   8251.46         -1.09
 Jakarta                6384.987  6403.81         -0.29
 Kuala Lumpur           1652.41   1655.67         -0.20
 Ho Chi Minh            988.41    989.46          -0.11
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3368.44   3068.76         9.77
 Bangkok                1725.44   1563.88         10.33
 Manila                 8161.49   7,466.02        9.32
 Jakarta                6384.987  6,194.50        3.08
 Kuala Lumpur           1652.41   1690.58         -2.26
 Ho Chi Minh            988.41    892.54          10.74
 
 (Reporting by Anushka Trivedi in Bengaluru, Additional
reporting by Mensholong Lepcha; editing by Uttaresh.V)
  
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