May 11, 2017: SEA stocks — Philippines falls most in 2 months on profit-taking
May 10 Philippine shares fell 1.6 percent on Wednesday, their biggest in two months, as investors continued to book profits, while Vietnam rose to its highest close in nearly a month. Trading was muted across Southeast Asia as Malaysia, Thailand and Singapore were closed for a public holiday. The Philippine Stock Exchange PSEI Index extended falls in to a second session, dragged down by industrials and financials, after rising for three consecutive sessions. GT Capital Holdings Inc and Megaworld Corp were the biggest losers, shedding 4.6 percent and 3.7 percent respectively. "Market is showing some short-term technical weakness, coming from an overbought peso," said Joann Parayno of AP Securities. Nickel ore output in the Philippines, the world's top supplier, fell 51 percent in the first quarter, hurt by rains and suspensions of mine operations, government data showed.