SE Asia Stocks-Thailand rises on c.bank rate decision; Philippines extends gains
By Justin George Varghese June 2 (Reuters) - Southeast Asian stocks rose on Thursday, with Thailand leading the gainers after its central bank kept the key policy rate steady, while Philippine shares climbed for a second day helped by financials. Asian shares however eased after surveys showed global manufacturing activity and demand remain weak. MSCI's broadest index of Asia-Pacific shares outside Japan struggled to keep its head above water after rising more than 3 percent over the last seven days. Global manufacturing activity remained stuck in a rut last month with factory output from Asia, Europe and the Americas barely improving after factory surveys over the past 24 hours highlighted a sluggish global economy. "Although data was mixed yesterday, in general, the positive U.S manufacturing data is more or less what is driving markets right now," said Alex Tiu, an analyst with Manila-based AB Capital Securities Inc. U.S. manufacturing grew for a third straight month in May, but factories appeared to be taking in fewer deliveries from their suppliers, which could hamper production in the months ahead. "I think investors will remain skittish ahead of the Friday non-farm employment data and will be looking out for possible cues from it on Fed rate hike timings," Tiu added. U.S. non-farm payrolls data due later on Friday is expected to show the economy created 164,000 jobs in May. Thailand recovered from losses in the previous session, led by financials after the Bank of Thailand left its policy interest rate unchanged at 1.50 percent since April 2015. Bank of Ayudhya PCL climbed 1.4 percent and Kasikornbank PCL rose as much as 0.6 percent. Philippine stocks edged up, with BDO Unibank Inc rising 1.4 percent, while Bank of the Philippine Islands gained 0.5 percent. Shares in Singapore and Malaysia rose, while Vietnam was flat. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0458 GMT Market Current Previous Pct Close Move Singapore 2796.56 2790.54 0.20 Bangkok 1424.83 1415.76 0.62 Manila 7532.53 7500.79 0.42 Jakarta 4845.413 4839.668 0.12 Kuala Lumpur 1631.56 1626.5 0.31 Ho Chi Minh 620.22 619.86 0.06 Change on year Market Current End 2015 Pct Move Singapore 2796.56 2882.73 -2.99 Bangkok 1424.83 1288.02 10.62 Manila 7532.53 6952.08 8.35 Jakarta 4845.413 4593.008 5.50 Kuala Lumpur 1631.56 1692.51 -3.60 Ho Chi Minh 620.22 579.03 7.11 (Reporting by Justin George Varghese in BENGALURU; Editing by Biju Dwarakanath)
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