SE Asia Stocks-Philippines retreats into red from record high; Vietnam jumps

Friday, November 3 2017

SE Asia Stocks-Philippines retreats into red from record high; Vietnam jumps SE Asia Stocks-Philippines retreats into red from record high; Vietnam jumps 16:00 hrs
By Devika Syamnath Nov 3 (Reuters) - Philippine shares retreated from a record high scaled earlier on Friday to close 1.6 percent lower as investors locked in profits from three straight sessions of gains, while Vietnam reversed earlier losses to close higher. Industrials and financial stocks led the losses on the Philippine index, reducing its weekly gain to nearly 1 percent. Conglomerate JG Summit dropped 3.8 percent while Bank of the Philippine Islands lost 4.2 percent. "During the biggest part of the trading session investors were quite optimistic anticipating better-than-expected third-quarter results for some of the big companies," said Lexter Azurin, an analyst with Manila-based AB Capital Securities. Companies such as Ayala Corp, SM Investments and JG Summit are scheduled to report quarterly results later this month. "But I guess some investors were seeing mixed reactions given that current valuations (of the index movers) are quite rich at this point so we're seeing a lot of investors starting to take profits," said Azurin. Vietnamese shares pared earlier losses to close 1.3 percent higher. China and Vietnam reached an agreement on Friday to diplomatically manage their dispute in the South China Sea. The countries have long been at loggerheads over China's claim to the majority of the regional sea. Industrials and financial stocks accounted for the gains on the index, with builder FLC Faros Construction and Vietcombank rising 6.9 percent and 2 percent, respectively. Singapore ended marginally higher, with gains in telecom stocks offsetting losses in consumer stocks. "Traders are being more cautious today, heading into the weekend... the STI may turn range-bound these few days," said Liu Jinshu, director of research at NRA Capital. Telco Singtel was the top gainer on the city-state's index while Thai Beverage lost 1 percent and led the decliners. The index has dropped 0.1 percent this week, its first weekly loss in five. Indonesian shares also closed marginally higher, with the index gaining 1.1 percent on the week, its best in twelve. Malaysian shares ended flat, resulting in the index's fifth weekly drop in seven. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Pct Move close Singapore 3382.31 3380.5 0.05 Bangkok 1701.47 1701.93 -0.03 Manila 8376.13 8516.02 -1.64 Jakarta 6039.541 6031.107 0.14 Kuala Lumpur 1740.93 1741.05 -0.01 Ho Chi Minh 843.73 833.09 1.28 Change on year Market Current End 2016 Pct Move Singapore 3382.31 2880.76 17.41 Bangkok 1701.47 1542.94 10.27 Manila 8376.13 6840.64 22.45 Jakarta 6039.541 5296.711 14.02 Kuala Lumpur 1740.93 1641.73 6.04 Ho Chi Minh 843.73 664.87 26.90 (Reporting by Devika Syamnath in Bengaluru; Editing by Amrutha Gayathri) SEARCH