Most Southeast Asian stocks fall

Stocks in Indonesia and Thailand slid while Philippine shares eked out small gains in light trade on Monday as China growth concerns prompted many investors to cash in recent gainers. The prospects of slower growth in the world's second largest economy dampened sentiment across the region. Among the biggest losers were commodity-related stocks.
Chinese Premier Wen Jiabao cut his nation's growth target to 7.5 percent for 2012, compared with an 8 percent annual goal set for many years. The MSCI Asia Pacific ex-Japan fell 1.3 percent by 0935 GMT while MSCI index for Southeast Asia, made up of selected stocks, was down 0.88 percent.
Jakarta's Composite Index slipped 0.5 percent, and market turnover was less than 60 percent of the 30-day average. Thailand's SET index eased 0.62 percent, though reminded near the almost 16-year high it hit last week. In a choppy session, Singapore's Straits Times Index was down 0.06 percent and Malaysian shares moved up 0.34 percent. The Philippines' key index gained 0.28 percent to a new all-time high while Vietnam's Ho Chi Minh Stock Exchange index surged 4 percent to its highest level almost six months.
The Southeast Asian stock markets could see a consolidation in the near term while China's lower annual growth target dampened the outlook of commodities' demand, prompting profit-taking in shares in the sector, some brokers said. "China's lower economic growth forecast affected investment sentiment today. Investors also are waiting to see US jobs data for further indication," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities in Bangkok.
The US jobs data for February will come out on Friday Indonesia's coal mining firm PT Adaro Energy Tbk, which surged 3.7 percent on Friday, fell 1 percent. Thai coal miner Banpu Pcl dropped 1.8 percent, erasing a 1.2 percent gain on Friday. Noble Group Ltd dropped 2.1 percent in Singapore and Malaysia's Kuala Lumpur Kepong Bhd lost nearly 1 percent. Among bright spots, Philippine Ayala Land Inc surged 5.2 percent as low interest rates boosted its outlook.