SE Asia Stocks Philippines ends rally; Malaysia falls to 1-week low

Business & Markets 2013
Written by Reuters
Thursday, 16 May 2013 20:11
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BANGKOK (May 16): Southeast Asian stock markets mostly fell on
Thursday, in line with weakness in the broader Asian market, as recent
rallies in large caps such as Siam Commercial Bank Pcl and Philippine
Long Distance Telephone Co came under selling pressure.
The Philippine main index led the decliners, dropping 1.1 percent to
7,310.94. Southeast Asia's best performer this year hit a record close
for a third session on Wednesday as the nation's mid-term elections
appeared supportive to the country's reform.
Malaysia's main index fell 0.9 percent to a one-week low of 1,766.72,
hurt by weak economic data. Malaysia's economy grew 4.1 percent in
the first quarter of 2013, its slowest pace in more than three years, as
weak exports weighed on the trade-dependent nation.
Among the bright spots, shares in Philippines conglomerate Metro
Pacific Investments Corp jumped 2.3 percent. The company announced
its inclusion in the MSCI Global Standard Indices, with effect from May
31. -- Reuters