HANOI, April 23 — Most Southeast Asian stocks lost ground today, led by Singapore, with investors booking profits after recent gains.
Shares in Thailand bucked the trend to close at a critical resistance level. Malaysia also advanced.
The Straits Times Index in Singapore fell 0.6 per cent on profit-taking after a winning streak of six days. It had closed yesterday at its highest level in nearly 11 months.
Keppel Corporation Ltd was the top loser, with shares dropping 3.45 per cent to their one-month low as the stock went ex dividend today at 30 Singapore cents, according to data from the Singapore Exchange.
KPLM has lost 5 per cent since April 16, when it reported a 5 per cent drop in first-quarter net profit compared with a year earlier.
“Results came in weaker than expected, so (Keppel’s) share prices have actually been off since,” said an analyst with Maybank Kim Eng.
The Jakarta Composite Index and Vietnam’s benchmark VN Index both edged down 0.1 per cent each, and Philippine equities reversed their four-session winning streak with a 0.23 per cent fall.
But stocks in Thailand and Malaysia bucked the trend, rising 0.59 per cent and 0.05 per cent respectively.
Analysts expect Thailand’s SET Index would face a correction soon as it has reached a critical resistance level between 1,420 and 1,430. — Reuters
