Southeast Asia stocks end lower – Philippine market drops on profit-taking

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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% 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.

Indonesian stocks 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.

Courtesy: Bangkok Post |  WRITER: REUTERS | 18 Oct 2017

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