SE Asia Stocks - Most higher; Philippines retreats after May export drop

viernes 10 de julio de 2015 01:39 GYT

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.       

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 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)