Most South-east Asia indexes range-bound; Philippines outperforms
Published on May 2, 2014 2:22 PM
SINGAPORE (Reuters) - Most South-east Asian markets were range-bound on Friday, after Wall Street stocks dipped on Thursday and as borderline growth in China's manufacturing activity curbed investor appetite for further risk and prompted profit-taking.
"Wall Street didn't do very well, and we also saw the China manufacturing numbers which weren't very inspirational. So investors are probably taking some profits off the table," said a Singapore-based analyst from OCBC.
Activity in China's factories increased marginally in April but export orders fell sharply, a government survey showed on Thursday, adding to questions about whether the world's second-largest economy is stabilising after its first-quarter slowdown.
Philippines outperformed the region following a week of solid corporate earnings, with its Manila Index stretching gains into a third straight session to rise 0.5 per cent.
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