Southeast Asian stocks except for Philippine shares traded higher yesterday. Singapore’s Straits Times index was up 0.28 percent, Indonesian stocks had gained 0.12 percent and Malaysian shares were up 0.29 percent. Thai shares had risen 0.20 percent and the Vietnam index was virtually unchanged.

In the Philippines, the index fell 0.11 percent.

Local share prices retreated on profit taking as concerns set in connection with the up-coming election and possibility of overseas market correction.

The 30-company Philippine Stock Exchange index retreated 3.77 points to 3,342.21 led by Ayala companies as investors liquidate their gains on shares’ recent uptrend.

Market turnover reached 4.05 billion shares for P4.77 billion as gainers edged losers 65 to 52 with 53 shares unchanged.

"Investors are starting to play safe with their investments and opt to stay on the sideline. Also there is a possibility of overseas market possibly popping out and having a correction, thereby affecting local shares," Jose L. Vistan, Jr., AB Capital Securities, Inc. research head said.

Bullishness by other investor however are cushioning the impact of concern as displayed by the big turnover volume and value, according to Summit Securities, Inc. president Harry Liu.