SE Asia Stocks-Indonesia ends at near 1-mth high after S&P upgrades outlook
BANGKOK, May 21 (Reuters) - Indonesia's key stock index closed at a near one-month high on Thursday as Standard & Poor's upgraded the country's sovereign ratings outlook, while the Malaysian benchmark hit a two-month closing low after Prime Minister Najib Razak laid out his government's growth strategy for the next five years. Standard & Poor's on Thursday raised the outlook on Indonesia's BB-plus sovereign rating to positive from stable, acknowledging the Southeast Asian nation's improved policies aimed at better monetary and financial sector management. The Jakarta composite index closed 0.4 percent higher at 5,313.21, the highest in almost a month, led by large caps. Bank Mandiri jumped 3 percent, while Telkom Indonesia hit a near two-week closing high amid foreign buying. In Malaysia, Prime Minister Najib Razak laid out his government's growth strategy for the next five years on Thursday, mixing spending on infrastructure with populist pledges on jobs and housing as he looks to shore up support amid growing criticism. The Kuala Lumpur composite index ended the day down 0.8 percent, its lowest close since March 17. Among actively traded stocks, Axiata Group dropped 2.5 percent and Maybank fell 1.3 percent. The Malaysian bourse said foreign investors were net sellers worth 168 million ringgit ($46.65 million). Fund flows to the region were mixed. The Philippines posted net foreign selling of 648 million pesos ($14.57 million). Indonesia and Thailand brought in net foreign inflows worth 323 billion rupiah ($24.61 million) and 942 million baht ($28.19 million), respectively. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3439.86 3439.68 +0.01 Kuala Lumpur 1795.04 1810.11 -0.83 Bangkok 1526.25 1520.11 +0.40 Jakarta 5313.21 5292.75 +0.39 Manila 7835.38 7881.93 -0.59 Ho Chi Minh 552.56 550.10 +0.45 Change on year Market Current End 2014 Pct Move Singapore 3439.86 3365.15 +2.22 Kuala Lumpur 1795.04 1761.25 +1.92 Bangkok 1526.25 1497.67 +1.91 Jakarta 5313.21 5226.95 +1.65 Manila 7835.38 7230.57 +8.36 Ho Chi Minh 552.56 545.63 +1.27 ($1 = 3.6010 ringgit) ($1 = 44.4600 Philippine pesos) ($1 = 13,124.0000 rupiah) ($1 = 33.4200 baht) (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)
© Thomson Reuters 2016 All rights reserved.