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

Last Updated: Wed, Oct 18, 2017 15:40 hrs

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. For Asian Companies click; 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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