SE Asia Stocks-Up after early losses; Philippines ends 8-day losing streak

miércoles 4 de mayo de 2016 06:44 GYT

JAKARTA, May 4 (Reuters) - Most Southeast Asian stocks
recouped early losses on Wednesday with the Philippine index
posting its first gain in nine sessions while Indonesian shares
recovered from an initial fall following the release of economic
growth data. 
    The Philippine stock index rose 0.5 percent,
rebounding from a 2.9 percent drop in the last eight sessions.
Shares of conglomerate group JG Summit Holdings Inc led
with a 3.2 percent gain after ending at a four-week low on
Tuesday, while property developer SM Prime Holdings 
rose 1.8 percent.    
    Indonesia's stock index ended 0.2 percent higher,
after falling as much as 0.97 percent earlier as first-quarter
GDP growth came in at 4.92 percent, below the median expectation
of 5.05 percent in a Reuters poll. 
    Heavyweight consumer stocks such as Unilever Indonesia
 and cigarette firm HM Sampoerna were among
the biggest gainers, helping to prop up the index.
    "Compared to the fourth quarter, consumption was a bit
higher in the first quarter. The cause of slowdown was actually
slower government spending, while consumption did fine," said
Sebastian Tobing, head of research at Trimegah Securities in
    Meanwhile, Singapore fell 1.4 percent as shares of
Singapore Telecommunications Ltd and Oversea-Chinese
Banking Corp Ltd extended losses.
    CIMB downgraded its rating on OCBC shares and cut its target
price to S$8.8 from S$10.01. 
    Singapore tracked wider Asian markets where MSCI's broadest
index of Asia-Pacific shares outside Japan 
dropped 1.3 percent.
    Concern over global growth is re-escalating after the latest
China PMI data and as the European Commission lowered its
inflation forecast, analysts at KDB Daewoo Securities in Jakarta
wrote in a note.
    Activity at China's factories shrank for the 14th straight
month in April as demand stagnated, forcing companies to shed
jobs at a faster pace, a private survey showed on Tuesday.
    The Thai and Indonesian markets will remain closed on May
5-6 for public holidays and will reopen on May 9.    
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 Change on day
 Market         Current     Prev      Pct
                           close     change
 Singapore       2773.07    2811.2     -1.36
 Kuala Lumpur    1657.58   1651.44      0.37
 Bangkok          1390.7   1397.87     -0.51
 Jakarta         4822.60   4812.26      0.21
 Manila          7081.86   7046.57       0.5
 Ho Chi Mihn      599.07    598.37      0.12
 Change on year
 Market         Current   End 2015    Pct
 Singapore       2773.07   2882.73     -3.80
 Kuala Lumpur    1657.58   1692.51     -2.06
 Bangkok          1390.7   1288.02      7.97
 Jakarta         4822.60   4593.01      5.00
 Manila          7081.86   6952.08      1.87
 Ho Chi Mihn      599.07    579.03      3.46
 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)