SE Asia Stocks-Mixed; Indonesia reverses losses after c.bank rate move
JAKARTA, April 15 (Reuters) - Most Southeast Asian stock markets closed higher on Friday as investors eyed oil prices ahead of a producers' meeting on Sunday, while Indonesia reversed losses earlier in the day following Bank Indonesia's new benchmark rate announcement. Major oil exporters are slated to meet on Sunday to discuss efforts to contain global over-production, while Bank Indonesia announced that it would use the 7-day reverse repo as the new benchmark rate, effective Aug. 19. Singapore's stock index was up 0.3 percent, posting its best weekly gain in six weeks after rallying on rising oil prices earlier in the week. Banking and some property stocks were up, while oil drilling company Sembcorp Marine Ltd fell for a second day after touching a near five-month closing high earlier in the week. "Investors are generally cautious over the movement of oil prices pending the upcoming April 17 meeting between OPEC and non-OPEC member countries," KDB Daewoo Securities Indonesia said in a note. Indonesia's stock index edged up 0.2 percent by closing time after losing as much as 0.5 percent during the day. The index was helped by a 6.6-percent rally by automotive distributor PT Astra International to a more than 10-month high. Indonesian banks fell, with PT Bank Mandiri posting its biggest one-day loss since Nov. 30 and PT Bank Rakyat Indonesia fell to its lowest closing level since Oct. 13. Trimegah Securities said in a note that the Indonesian central bank's policy change on benchmark rates will improve liquidity and lending, but that investors in the short-term will focus on lower net interest margin risks for banks. Malaysian stocks rose 0.2 percent, while the Philippines fell 0.5 percent led by property developer Ayala Land Inc which lost 1.3 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Pct move close Singapore 2923.94 2913.93 0.34 Kuala Lumpur 1727.99 1723.78 0.24 Jakarta 4823.59 4814.85 0.18 Manila 7321.3 7357.28 -0.49 Ho Chi Minh 579.86 579.49 0.06 Change on year Market Current End 2015 Pct move Singapore 2923.94 2882.73 1.43 Kuala Lumpur 1727.99 1692.51 2.10 Bangkok 1385.42 1288.02 7.56 Jakarta 4823.568 4593.008 5.02 Manila 7321.3 6952.08 5.31 Ho Chi Minh 579.86 579.03 0.14 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)
© Thomson Reuters 2016 All rights reserved.