SE Asia Stocks-Philippines extends gains; Singapore down

miércoles 11 de mayo de 2016 01:53 GYT
 

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.    
       
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    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)