SE Asia Stocks - Most higher; Philippines retreats after May export drop
BANGKOK, July 10 (Reuters) - Most Southeast Asian stock markets rose on Friday as global sentiment improved along with a rebound in shares in China and Europe, but stocks in the Philippines turned lower after exports in May dropped by the most in more than three years. The Philippine index was down 0.3 percent, giving up the previous session's modest gains. Shares of Universal Robina Corp were down 3.2 percent and shares of Aboitiz Equity Ventures were 1.4 percent lower. Exports in May plunged as demand from major trading partners China and the United States faltered, raising pressure on officials to step up government spending to restore slowing economic momentum. The index is set to post a weekly decline of 2.4 percent, among the region's underperformers. Major indexes are all headed for a loss in a week of high volatility hit by the instability in China and Greece. In Bangkok, the key SET index was up 0.4 percent amid bargain-hunting in oversold stocks such as banks. It is on track for a weekly fall of 0.7 percent. "The SET should drift higher after European shares rose overnight for the second straight day. However, the upside is likely to be limited as investors await second-quarter bank results, which will likely be lower on quarter and on year," Broker Krungsri Securities said in a report. The pan-European FTSEurofirst 300 index rose 2.3 percent on Thursday while Asian shares gained on Friday as investors took heart from strength in recently volatile Chinese markets, and after Greece's offer of a new reform plan raised hopes of a deal at a weekend summit of European leaders. Bucking the weak trend, Vietnam was up 0.6 percent on the day. It is on course for a weekly gain of 1.5 percent, taking its year-to-date gain to almost 15 percent, Asia's third best performing index. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0453 GMT Market Current Prev Close Pct Move Singapore 3284.83 3267.40 +0.53 Kuala Lumpur 1714.40 1701.54 +0.76 Bangkok 1478.00 1472.57 +0.37 Jakarta 4870.22 4838.28 +0.66 Manila 7357.85 7377.69 -0.27 Ho Chi Minh 625.61 622.10 +0.56 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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