SE Asia Stocks-Most rise as strong U.S. data boosts risk appetite
By Aparajita Saxena May 25 (Reuters) - Most Southeast Asian stocks rose on Wednesday, with Philippine shares leading the gains, as upbeat U.S. home sales data and growing support for the British campaign to remain in the European Union boosted risk appetite. U.S. new home sales raced to an eight-year peak in April and prices hit a record high, offering further evidence of a pick-up in economic growth early in the second quarter. "Investors are less concerned about the global slowdown because of upbeat data coming out of the U.S. and Europe," said Grace Aller, an analyst with AP Securities. "European stability is more definite right now because less people will vote on exit of UK from the European Union." A survey for the Daily Telegraph newspaper found that among those who definitely plan to vote during the June 23 referendum, support for remaining in the union stood at 55 percent while backing for a British exit was at 42 percent. Philippine stocks rose 1.2 percent, extending gains into a third session, led by financials. Bank of the Philippine Islands gained 1.9 pct. Singapore's Straits Times index gained over 1 percent even though the city-state cut its trade outlook for this year after marginal first-quarter GDP growth. Financial and oil and gas stocks led the gains, with DBS Group Holdings, Singapore's biggest lender, and Keppel Corp among the best performers. Indonesia was up after Tuesday's loss, while Thailand extended gains, led by energy stocks. Thai state-owned oil and gas firm PTT Pcl rose 1.7 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0517 GMT Market Current Previous Pct Move Close Singapore 2779.91 2750.23 1.08 Bangkok 1392.43 1384.26 0.59 Manila 7447.5 7356.72 1.23 Jakarta 4750.222 4710.785 0.84 Kuala Lumpur 1625.65 1625.84 -0.01 Ho Chi Minh 614.67 611.62 0.50 Change on year Market Current End 2015 Pct Move Singapore 2779.22 2882.73 -3.59 Bangkok 1392.18 1288.02 8.09 Manila 7447.5 6952.08 7.13 Jakarta 4750.222 4593.008 3.42 Kuala Lumpur 1625.65 1692.51 -3.95 Ho Chi Minh 614.67 579.03 6.16 (Reporting by Aparajita Saxena; Editing by Subhranshu Sahu)
© Thomson Reuters 2017 All rights reserved.