Vietnam's stock extends gains; Indonesia slips ahead of cbank meeting
Vietnam's stock extends gains; Indonesia slips ahead of cbank meeting
Most Southeast Asian stock markets fell on Friday as investors booked profits ahead of the weekend, while an overnight rally in crude helped Vietnam and Singapore to eke out small gains.
Broad Sentiment was subdued after some Federal Reserve officials reiterated the case for raising interest rates in the coming months.
Indonesian shares drifted lower after two sessions of gains as investors took a pause ahead of a central bank policy meeting.
The bank formally makes the 7-day reverse repurchase rate its new benchmark on Friday, and a slim majority of analysts believe the rate will be held steady on its debut.
Philippine shares edged lower, dragged down by consumer cyclicals. SM Investments Corp and Bloomberry Resorts Corp were among the top percentage losers.
"We are trading at around 23 times P/E, which is very expensive," said Victor Felix of AB Capital Securities in Manila.
Investors are taking profits before the weekend, as they do not want to be surprised on Monday if something negative turns up, he added.
Vietnam shares were headed for their third straight session of gains, helped by consumer non-cyclical and energy stocks.
Vietnam Dairy Products JSC was up 2.84 percent, while Petrovietnam Gas Joint Stock Corp rose marginally.
Singapore shares edged up, driven by oil and gas stocks such as Keppel Corp Ltd.
Oil prices rose on Thursday for a sixth straight session, with Brent crude rising above $50 a barrel for the first time in six weeks, as the world's biggest producers prepared to discuss a possible freeze in production levels.
Thai shares fell slightly, weighed down by industrial stocks including Thai Coating Industrial Pcl, while Malaysia dropped as telecom stocks such as Axiata Group Bhd and DiGi.Com Bhd lost ground.
