CORRECTED-SE Asia Stocks-Singapore shares snap 10-day losing streak, Indonesia down
(Corrects spelling of index name in third paragraph) May 9 (Reuters) - Singapore shares rose on Monday, snapping a 10-session losing streak, helped by a rally in U.S. stocks late last week, while most other Southeast Asian markets suffered losses. U.S. stocks bounced back on Friday from early losses to close higher as investors viewed the day's jobs data as less disappointing than first thought. Singapore's Straits Times Index rose slightly in early trading, after ending down 1.3 percent at its lowest close since March 2, Thomson Reuters data showed. It fell for the tenth straight session on Friday, its longest falling streak since August-September 2002, data showed. "Singapore stock market opened higher as positive sentiments spilled over from the positive U.S. close last Friday," said Hong Wei Wong, an analyst at KGI Frasers Securities. "However, investors may take the opportunity to sell into rallies due to the weak economic outlook ahead." Shares of Singapore oil-rig firm Keppel Corp rose as much as 1.9 percent, while Sembcorp Marine rose 2.2 percent. Indonesian shares fell as much as much as 1.2 percent, led by consumer non-cyclicals, while Malaysia's FTSE Bursa Malaysia KLCI Index fell as basic materials stocks lost ground. Indonesian natural gas distributor PT Perusahaan Gas Negara's shares fell as much as 2.8 percent. The Philippine market remained closed for Presidential elections for which Rodrigo Duterte, mayor of the southern city of Davao, has emerged as the front runner. The Philippine Stock Exchange fell 2.3 percent last week. "There is increasing jitters over the upcoming presidential elections as the economic policies of the current front runner - Rodrigo Duterte - remain unknown," Maybank said in a note to clients. "Our study showed that there is a tendency for equities to be sold-off in the lead-up to the elections and for at least another six months after the elections as a result of the uncertainty surrounding the policies of the incoming president." For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 2741.78 2730.8 0.40 Bangkok 1388.58 1390.7 -0.15 Jakarta 4774.415 4822.595 -1.00 Kuala Lumpur 1642.95 1649.36 -0.39 Ho Chi Minh 609.81 606.52 0.54 Change on year Market Current End 2015 Pct Move Singapore 2742.74 2882.73 -4.86 Bangkok 1387.97 1288.02 7.76 Manila 6991.87 6952.08 0.57 Jakarta 4774.344 4593.008 3.95 Kuala Lumpur 1642.82 1692.51 -2.94 Ho Chi Minh 609.81 579.03 5.32 (Reporting by Rushil Dutta in Bengaluru; Editing by Anupama Dwivedi)
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