SE Asia Stocks-Up after early losses; Philippines ends 8-day losing streak
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 Jakarta. 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS 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 change 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)
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