SE Asia Stocks-Philippines extends gains; Singapore down
May 11 (Reuters) - Most Southeast Asian stocks were trading higher on Wednesday, with the Philippines extending gains for a second straight session after rough-talking mayor Rodrigo Duterte emerged as the country's president-elect. Broader Asian markets however gave up early gains, with the MSCI's index of Asia-Pacific shares outside Japan falling 0.1 percent, dragged down by India, South Korea and China. The Philippine stock index jumped 3 percent as of 0540 GMT, with financials and industrial stocks leading the gains. JG Summit climbed 6.5 percent, while Metropolitan Bank was up 4.9 percent. Real estate stock SM Prime Holdings rose 4.4 percent. The index fell 2.3 percent last week after the presidential elections weighed on investor sentiment as Duterte had been very vague on what he would do to spur the economy, creating uncertainty in the stock markets. "From an economic perspective, we feel that fears are overdone; Philippines will probably retain its status of bright spot in Asia while its investment grade status is unlikely to be impacted," Mizuho Bank said in a note on Tuesday. It is not clear when president-elect Duterte's victory will be officially declared but he is expected to take office on June 30. Singapore fell, dragged down by financial stocks. United Overseas Bank Ltd fell as much as 1.2 percent and DBS Group Holdings was trading down 0.95 percent. Indonesia rose 0.5 percent, led by financial stocks. The Thai SET Index was up marginally, led by energy stocks, with PTT PCL and Thai Oil rising more than 1.7 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current prev close Pct Move Singapore 2732.75 2741.15 -0.31 Bangkok 1391.08 1390.13 0.07 Manila 7388.1 7174.88 2.97 Jakarta 4787.181 4763.115 0.51 Kuala Lumpur 1639.42 1635.84 0.22 Ho Chi Minh 609.25 605.05 0.69 Change so far this year Market Current End prev yr Pct Move Singapore 2732.75 2882.73 -5.20 Bangkok 1391.08 1288.02 8.00 Manila 7388.1 6952.08 6.27 Jakarta 4787.181 4593.008 4.23 Kuala Lumpur 1639.42 1692.51 -3.14 Ho Chi Minh 609.25 579.03 5.22 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)
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