SE Asia Stocks: Indonesia falls from 5-week high; Philippine down
BANGKOK, June 28 – Indonesian stocks retreated from a five-week high today while Philippine shares lost earlier gains to end slightly lower amid broad-based selling in energy linked stocks following a slip in global oil prices amid worries about euro zone crisis.
Jakarta’s Composite Index dropped 1.2 per cent, with coal mining stock Harum Energy Tbk, which fell 3.5 per cent, was among the biggest drags on the market. The Philippine index fell 0.03 per cent on the day.
Philippine stock market was up 20 per cent this year, ranking as the second best after Pakistan’s gain of 22 per cent, Thomson Reuters data showed. Manila has benefited this month from foreign investors seeking buying opportunities in an undervalued market.
Figures for June to yesterday showed net foreign buying of US$160 million on Philippine shares, contrasting to Indonesia and Thailand which reported net foreign selling of US$230 million and US$425 million for the period, respectively, Thomson Reuters data showed. – Reuters