Most Southeast Asian stocks pull back

Most Southeast Asian stock markets eased on Tuesday as investors cashed in recent gains in resource and financials, with weak palm oil prices helping put a lid on palm plantation stocks. Sharemarkets took a breather after their recent rally. Trading was generally moderate amid holidays in major Asian bourses, including China, Hong Kong and Taiwan, with turnover of most Southeast Asian bourses at around a 30-day average.
The region's favourable economic outlook, which have lured fund inflows to beneficiary sectors like banks and energy, still boded well for market uptrends, according to dealers in the region.
"Momentum still looks positive in our view. Good economic outlook and earnings of key sectors are supporting stories and this is a regional trend," said Pichai Lertsupongkij, head of Thanachart Securities investment advisory business in Bangkok. Asian shares were generally flat on Tuesday, with MSCI's broadest measure of Asia Pacific shares outside Japan up 0.04 percent by 0919 GMT.
A brief dip in oil prices on Tuesday triggered profit taking in energy and resource-related, although oil prices still stayed with sight of their highest levels since 2008, supported by unrest in the world's top oil exporting regions and delays to elections in Nigeria.
Flows of the emerging Southeast Asia were mixed, with Philippine gaining $219 million inflows on the day, the biggest since mid-December, while Jakarta reporting $10 million outflows, Thomson Reuters data showed. Malaysia gained $33 million of money flowing in, on top of a combined $370 million of past eight sessions, the exchange said.
Thai stocks saw fund flow reversals after bagged in around $1 billion in the past ten sessions, with inflows so far in the year of $425 million, exchange data showed. In Manila, the main share index finished 1 percent lower despite better-than-expected headline inflation. The Philippines' annual inflation rate was 4.3 percent in March.
"Key takeaway from better-than-expected headline inflation is that its monthly upward trajectory won't be linear," said broker Citi Investment Research and Analysis. Among losers, Philippine largest geothemal power producer Energy Development Corp dropped 1.5 percent, coming off a record high set on Monday.
Singapore-listed Wilmar International, the world's largest listed palm oil firm, was off 0.9 percent and IOI Corp, Malaysia's second largest palm company, edged down 0.4 percent, as Malaysian palm oil futures fell on Tuesday. Banks, which had led recent rally in the region, fell, with Thai Kasikornbank down 0.8 percent, and Indonesia's biggest lender Bank Mandiri off 2.9 percent.