SE Asia Stocks-Mostly down on financials; Philippines down for fourth day

April 22 (Reuters) - Most Southeast Asian stock markets

edged down on Wednesday, dragged by financials as optimism over

China's rate cut evaporated, with Manila shares falling for a

fourth straight session to a more-than-one-month low.

The Philippine stock index was down 0.8 percent,

hovering at its lowest since March 20, but trading volume was

thin.

"Fund managers are waiting for an opportunity after the

market hit a record high recently. The P/E ratio is high at the

moment and China's growth slowdown has also been a concern,"

said Luis Limlingan, head of sales at Manila-based Regina

Capital.

Indonesia traded 0.1 percent weaker, Malaysia

lost 0.2 percent, and Singapore was down 0.2

percent.

Thai shares eased 0.3 percent led by financials.

"We recommend investors accumulate more selective stocks and

await the opportunity to take profit near the 1,580 level,"

Maybank Kim Eng Securities said in an investor note.

Bucking the trend, Vietnam's benchmark VN Index rose

0.49 percent by midday with most blue-chips rebounding as fresh

investment returned to the market after some profit-taking

sessions.

All markets except the Philippines gained in the previous

session helped by China's stimulus to prop up its faltering

economy.

Financials dragged the index except in Singapore. Bank of

the Philippine Islands and BDO Unibank each

fell 2.1 percent in Manila and Bank Rakyat Indonesia

was down 1.3 percent, dragging their main indices down.

Krung Thai Bank, Thailand's second-largest lender

whose first-quarter net profit missed expectations on increased

loan loss provisions, fell 4.4 percent.

Singapore banks, however, bucked the trend with largest

lender DBS and United Overseas Bank gaining

0.2 percent and 0.4 percent respectively.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0527 GMT

Market Current Prev Close Pct Move

Singapore 3500.21 3508.61 -0.24

Kuala Lumpur 1853.73 1862.80 -0.11

Bangkok 1564.86 1569.35 -0.29

Jakarta 5453.35 5460.57 -0.13

Manila 7784.41 7846.94 -0.80

Ho Chi Minh 564.97 562.24 +0.49

(Reporting by Shihar Aneez in COLOMBO and Viparat Jantraprap in

BANGKOK; Editing by Sunil Nair)