SE Asia Stocks-Largely up as risk appetite continues to improve
By Krishna V Kurup July 1 (Reuters) - Most Southeast Asian stock markets rose on Friday, as risk appetite continued to improve following a two-day selloff after Britain voted to exit the European Union last week. Investor sentiment was also boosted after Bank of England Governor Mark Carney said the central bank would probably need to pump more stimulus into Britain's economy over the summer following the shock triggered by the referendum result. St. Louis Federal Reserve Bank President James Bullard said on Thursday he was sticking with his view that the U.S. central bank needed to make a single increase to interest rates, adding the impact on the United States of Britain's vote to leave was "statistically in the neighbourhood of zero." Central banks in Southeast Asia are also in a wait-and-watch mode after the Brexit vote, with Indonesia's central bank saying earlier this week that it had room to loosen monetary policy again as inflation was within its range. Malaysia's central bank said on Thursday that markets had been resilient after the Brexit referendum as key domestic markets continued to have ample liquidity, adding that it would monitor developments to address further volatility. A combination of greater policy easing and lower DM (developed markets) growth expectations is favourable for ASEAN countries, Nomura said in a note. In a post-Brexit environment with greater policy accommodation, ASEAN should continue to outperform, it added. Vietnam shares hit their highest since September 2014, before closing up 1.3 percent. They posted a gain of 3.1 percent for the week. Energy stocks helped the index gain as oil prices rose on tighter market outlook. Petrovietnam Gas Joint Stock Corp rose as much as 6.4 percent to its highest since June 12, 2015. Philippine shares rose 0.4 percent, helped by consumer cyclicals and financials. SM Investments Corp gained 2.4 percent, while SM Prime Holdings Inc was up 1.3 percent. "Investors are bullish about Duterte's incoming administration as he had a lot of changes in mind, and anticipate that he will be able to fast-track all of his plans," said Grace Aller, an analyst with AP Securities in Manila. The Philippine index gained 2.6 percent this week. Indonesian shares ended nearly 1 percent lower, with healthcare and consumer non-cyclicals dragging the index down. Kalbe Farma Tbk PT was down nearly 2 percent, while Hanjaya Mandala Sampoerna Tbk PT fell 2.4 percent. The Jakarta index gained 2.8 percent this week. Malaysia closed 0.5 percent down, with consumer cyclicals leading the losses. Genting Bhd fell 2.3 percent. The Thai market was closed on Friday for the mid-year closing day. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Prev close Pct Move Singapore 2846.37 2840.93 0.19 Manila 7830.35 7796.25 0.44 Jakarta 4971.581 5016.647 -0.90 Kuala Lumpur 1646.22 1654.08 -0.48 Ho Chi Minh 640.3 632.26 1.27 Change on year Market Current End 2015 Pct Move Singapore 2846.37 2882.73 -1.26 Manila 7830.35 6952.08 12.63 Jakarta 4971.581 4593.008 8.24 Kuala Lumpur 1646.22 1692.51 -2.73 Ho Chi Minh 640.3 579.03 10.58 (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
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