SE Asia Stocks-S'pore snaps 10-day losing streak, Indonesia hits over 2-month low
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 led by Indonesia, which fell to its lowest in over two months. 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 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 Fraser Securities. However, investors may take the opportunity to sell into rallies due to the weak economic outlook ahead, he said. Singapore's Straits Times index closed up 1.3 percent. Oil rig firm Keppel Corp closed up 1 percent, while Sembcorp Marine rose 0.6 percent, after gaining as much as 2.6 percent earlier. Indonesian shares closed down 1.5 percent, led by utilities, while Malaysia fell 1 percent as industrials lost ground. The losses came on the heels of China's April trade data, released on Sunday, which doused investor hopes of a sustainable economic recovery, with both exports and imports falling more than expected. Indonesian natural gas distributor PT Perusahaan Gas Negara fell 4.9 percent. "For Indonesia we expect a choppy session in the near horizon, with a downward bias, following a soft 1Q16 GDP print," said KDB Daewoo Indonesia analyst Taye Shim. "In terms of flow, we suspect that foreigners will keep their selling bias while locals are likely to remain sidelined given lack of positive catalyst." 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 index 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 2766.06 2730.8 1.29 Bangkok 1394.14 1390.7 0.25 Manila 6991.87 6999.75 -0.11 Jakarta 4749.315 4822.595 -1.52 Kuala Lumpur 1632.19 1649.36 -1.04 Ho Chi Minh 603.85 606.52 -0.44 Change on year Market Current End 2015 Pct Move Singapore 2766.06 2882.73 -4.05 Bangkok 1394.14 1288.02 8.24 Manila 6991.87 6952.08 0.57 Jakarta 4749.315 4593.008 3.40 Kuala Lumpur 1632.19 1692.51 -3.56 Ho Chi Minh 603.85 579.03 4.29 (Reporting by Rushil Dutta in Bengaluru; Editing by Anupama Dwivedi and Gopakumar Warrier)
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