SE Asia Stocks-Soft on China factory data; Philippines up
By Justin George Varghese June 1 (Reuters) - Most Southeast Asian stock markets remained subdued on Wednesday as investors were cautious after China's manufacturing activity showed signs of steadying in May, but remained weak amid soft demand at home and abroad. China's official Purchasing Managers' Index (PMI) was unchanged from April at 50.1 last month, suggesting the world's second-largest economy is still struggling to regain traction. Investors are also keenly watching for U.S. non-farm payrolls data that is due on Friday and is expected to show the economy created 164,000 jobs in May. "Markets have been primarily driven by good Chinese PMI index data and U.S. housing data, indicating stabilised investor sentiment," said Grace Aller, an analyst at Manila-based AP Securities. U.S. single-family home prices rose more than expected in March, a survey showed on Tuesday. The Philippine index closed up 1.3 percent, rebounding from Tuesday's 0.8 percent fall, helped by financials and consumer cyclicals. "Philippine stocks rose partly due to rebalancing of MSCI at Tuesday's close, that led some of the stocks to bounce back today," said Joseph Roxas from Manila-based Eagle Securities. Shares of Manila Electric, the country's biggest power utility, and investment holding firm SM Investment were among the biggest gainers. The Indonesian index recovered from the previous session's losses after data on Wednesday showed the rate of inflation eased in May to its lowest in more than 6 years, giving the central bank room to lower lending rates. The gains were driven by consumer staples and financials, with shares of Bank Central Asia Tbk PT rising 1.4 percent and those of Bank Mandiri (Persero) Tbk PT up 2.2 percent. Shares in Singapore and Malaysia were flat, while Vietnam gained marginally led by financials and basic materials. Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investor appetite for riskier assets. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2790.54 2791.06 -0.02 Bangkok 1415.76 1424.28 -0.60 Manila 7500.79 7401.6 1.34 Jakarta 4839.668 4796.869 0.89 Kuala Lumpur 1626.5 1626 0.03 Ho Chi Minh 619.86 618.44 0.23 Change on year Market Current End 2015 Pct Move Singapore 2790.54 2882.73 -3.20 Bangkok 1415.76 1288.02 9.92 Manila 7500.79 6952.08 7.89 Jakarta 4839.668 4593.008 5.37 Kuala Lumpur 1626.5 1692.51 -3.90 Ho Chi Minh 619.86 579.03 7.05 (Reporting by Justin George Varghese; Editing by Anupama Dwivedi)
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