SE Asia Stocks-Largely up; Philippines pares gains to close slightly up
By Krishna V Kurup June 8 (Reuters) - Most Southeast Asian stocks rose on Wednesday, with Singapore and Vietnam extending gains while the Philippine market pared earlier strength to close marginally higher. "Regional markets are moving today more as a reaction from the last few days' strength, primarily due to the U.S. Federal Reserve's guidance on not raising interest rates (soon), as this will in turn help funds flow back to these markets," said Charles Ang, an analyst with Manila-based COL Financial Inc. Markets in Southeast Asia will move higher in the coming days as liquidity seems to be flowing back, Ang said, adding that China's trade data would impact these markets to a certain degree. China's exports fell more than expected in May as global demand remained stubbornly weak, but imports beat forecasts, pointing to improving domestic demand and adding to hopes that the world's second-largest economy may be slowly stabilizing. Singapore's Straits Times Index extended gains into a fifth consecutive session, led by oil & gas stocks as crude prices jumped to their highest level in eight months. Keppel Corp Ltd rose 4.95 percent, while Sembcorp Industries Ltd gained 4.1 percent. Vietnam shares rose for a second day and closed 0.5 percent higher, led by basic materials and technology stocks, while Philippine shares closed 0.2 percent higher, after rising as much as 1.1 percent to their highest level since May 25, 2015 earlier in the day. Meanwhile, Indonesian shares hit an 11-month peak before settling down 0.4 percent, with telecommunication services and industrials stocks leading the losses. Telekom Indonesia fell 3.1 percent, while Jasa Marga dropped 0.9 percent. "... expect to see further softening of transaction volume as investors are likely to wait for key market data ahead of BI meeting, British referendum, and June FOMC (meeting)," said Taye Shim, an analyst with Daewoo Securities Indonesia, in a note. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2862.38 2848.09 0.50 Bangkok 1445.54 1442.42 0.22 Manila 7722.79 7710.54 0.16 Jakarta 4916.061 4933.989 -0.36 Kuala Lumpur 1657.85 1660.62 -0.17 Ho Chi Minh 627.87 624.65 0.52 Change on year Market Current End prev yr Pct Move Singapore 2862.38 2882.73 -0.71 Bangkok 1445.54 1288.02 12.23 Manila 7722.79 6952.08 11.09 Jakarta 4916.061 4593.008 7.03 Kuala Lumpur 1657.85 1692.51 -2.05 Ho Chi Minh 627.87 579.03 8.43 (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
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