SE Asia Stocks-Up after China's rate cut; Malaysia rises on factory output data
BANGKOK, May 11 (Reuters) - Most Southeast Asian stock markets rose on Monday, led by large caps, as China's interest rate cuts to bolster the economy lifted sentiment in Asia, while stocks in Malaysia headed for a second successive day of gains after upbeat March factory output data. The Kuala Lumpur composite index, which measures moves of 30 large caps, was up 0.2 percent, building on the modest gain on Friday and further recovering from a more than 6-week low hit on Thursday. Shares of telecoms firm Axiata Group and CIMB Group Holdings both climbed more than 1 percent, the top two gainers on the benchmark. Malaysia's industrial production rose 6.9 percent in March from a year earlier, better than market expectations, data from the Statistics Department showed on Monday. Indonesia's index, Asia's third worst performing index in 2015, edged up 0.1 percent. Indexes in Thailand , Vietnam and Singapore eked out small gains, with the Philippines slightly ad lower after early rises. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent. Investor sentiment got an initial lift from news of the rate cut by China over the weekend and as U.S. stocks rallied after a robust headline reading for U.S. employment. Singapore-based broker NRA Capital said market sentiment was not likely to be euphoric, citing a survey in Singapore which has shown more companies were expecting business prospects to worsen over the next six months. Brokers in Bangkok also expected limited market rises due to concerns about a slowing domestic economy and after the central bank recently unveiled measures to relax curbs on fund outflows. "Inflows to Thailand could be limited by more aggressive signals to let the baht weaken further and also domestic economic slowdown ahead of Thai Q1 2015 GDP release," strategists at broker KGI Securities wrote in a report. Recently oversold Thai banks were among actively traded, including Kasikornbank and Bangkok Bank. Indonesia's coal miners extended gains from Friday, led by Indo Tambangraya Megah and Adro Energy. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0453 GMT Market Current Prev Close Pct Move Singapore 3466.91 3452.01 +0.43 Kuala Lumpur 1811.06 1807.65 +0.19 Bangkok 1515.06 1510.51 +0.29 Jakarta 5188.22 5182.21 +0.11 Manila 7750.22 7763.21 -0.17 Ho Chi Minh 555.24 554.51 +0.13 (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)
© Thomson Reuters 2017 All rights reserved.