Southeast Asia stocks largely down on profit-taking

Most Southeast Asian markets ended marginally lower on Thursday, with the Philippines falling for a second straight session and Singapore easing from a fourteen-month high.

Philippine shares closed 0.8% lower with telecom operator PLDT Inc the top loser, slipping 4.2% while Globe Telecom shed 2.4%.

The market fell on profit-booking in stocks which saw a steep rise in prices in the last few sessions, said Ralph Bodollo, an equity research analyst with Manila-based RCBC Securities.

The Singapore index fell from a fourteen-month peak, ending 0.3% lower as some of the early gains in financials were offset by losses in industrial stocks.

Yangzijiang Shipbuilding Holdings lost 1.78% while Jardine Matheson Holdings was down 1.5%. 

Jakarta also shed early gains to finish the session lower, hurt mainly by consumer stocks. Shares of tobacco maker Hanjaya Mandala Sampoerna Tbk PT fell 1.3%.

Vietnam shares were flat, while Malaysian shares rose for a third straight session and finished slightly higher after hitting their highest in four months.

Financials and consumer staples added to the gains with British American Tobacco Malaysia Bhd closing 4.12% higher and AMMB Holdings Bhd up 0.45%.