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SE Asia Stocks-Philippines hits over 1-month closing low; Indonesia gains

* Philippines posts third consecutive loss
* Singapore snaps four sessions of gains
* Thai, Vietnam markets closed

By Shreya Mariam Job
April 15 (Reuters) - Philippine stocks closed at their
lowest level in more than a month on Monday, as investors locked
in profits ahead of the four-day weekend, while Indonesian
stocks moved higher buoyed by a surprise trade surplus in March.
The Philippine benchmark fell 1.2 percent to its
lowest close since March 14, with a steep sell-off in the last
half hour of trade.
Industrials were the biggest drag on the index, with shares
of conglomerate Aboitiz Equity Ventures Inc dropping
5.1 percent to close at their lowest level since Jan. 2.
"For this week, Philippine market is closed for Thursday and
Friday. What we are seeing now is a bit of profit taking because
some investors are looking to protect their capital," said
Rachelle C Cruz, an analyst with AP Securities.
Shares of Universal Robina Corp were also a major
drag, extending losses into a third straight session losing 3.6
percent. The company posted a 15 percent fall in full year net
income.
The sentiment toward the stock was also weaker in light of
rising competition in the coffee industry, after Mayora Indah
Tbk PT, producer of the coffee brand Kopiko, announced
https://business.mb.com.ph/2019/04/11/indonesias-pt-mayora-to-invest-80-million-for-coffee-factory-in-ph
investments in Philippines for local manufacturing and
processing operations
"In the long run, there might be more competition and that
may affect the growth prospects of URC," Rachelle added.
Singapore index edged lower, hurt by industrial and
financial stocks.
Jardine Matheson Holdings Ltd and Oversea-Chinese
Banking Corporation Ltd slid 0.2 percent and 0.6
percent, respectively.
Meanwhile, Indonesian shares gained 0.5 percent,
snapping three sessions of losses with a surprise trade surplus
in March buoying sentiment while political uncertainty ahead of
the presidential elections on Wednesday capped gains.
Indonesia posted a surprise trade surplus for a second
straight month in March, supporting the central bank's outlook
of a narrowing current account deficit, but economists warn a
trade deficit could return after Wednesday's presidential
elections.
Consumer stocks boosted the index with Charoen Pokphand
Indonesia Tbk Pt rising 3 percent and Astra
International Tbk Pt firming 1.7 percent.
Thailand and Vietnam markets were closed for
a holiday.

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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3325.86 3331.98 -0.18
Manila 7787.98 7880.82 -1.18
Jakarta 6435.151 6405.866 0.46
Kuala Lumpur 1631.33 1630.17 0.07

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3325.86 3068.76 8.38
Manila 7787.98 7,466.02 4.31
Jakarta 6435.151 6,194.50 3.88
Kuala Lumpur 1631.33 1690.58 -3.50

(Reporting by Shreya Mariam Job; Editing by Rashmi Aich)


First Published: 2019-04-15 05:27:12
Updated 2019-04-15 11:42:50


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