SE Asia Stocks-Close higher as Brexit concerns ease

viernes 17 de junio de 2016 06:24 GYT

By Anusha Ravindranath
    June 17 (Reuters) - Most Southeast Asian stocks rose on
Friday, in line with Asian markets, as concerns over Britain's
exit from the European Union receded after the campaign for next
week's referendum was put on hold following the killing of a
pro-EU lawmaker on Thursday. 
    Jo Cox, 41, a lawmaker for the opposition Labour Party and a
vocal advocate for Britain remaining in the EU, was attacked
while preparing to meet constituents in Birstall near Leeds in
northern England.
    The rival referendum campaign groups said they were
suspending activities for the day, with the Remain camp saying
its activities would also be suspended on Friday. 
    "Event risks around Brexit seem to have subsided, thus
giving a bit of automatic lift to the equity markets," said
Vishnu Varathan, a senior economist with Singapore-based Mizuho
Bank Ltd.
   "Oil prices are rising in tandem with the bit of the risk
aversion or some of the caution coming off."
    Crude oil prices rose on Friday for the first time in seven
days as markets took a breather from concerns about the impact
of Britain's possible exit from the European Union. 
    The Philippine stock index closed 0.8 percent higher,
with consumer non-cyclicals such as LT Group Inc and
Universal Robina Corp leading the gainers.
    It rose 1.5 percent on the week.
    "I think cautiousness is still there. Markets could remain
on the lookout for possible outcomes of the Brexit situation,"
Charles Ang, an analyst with COL Financial, said.
    "Market volume has been down recently, although the index
has gone up for the past 2 or 3 days."   
    Singapore shares closed marginally higher, as oil and
gas stocks gained. Keppel Corp Ltd rose 1.4 percent.
The index lost 2.1 percent over the week.    
    Thai markets rose 0.7 percent, led by consumer
non-cyclicals. Charoen Pokphand Foods PCL rose 4.6
    It was down 0.6 percent on the week. 
    Indonesia edged up after it closed flat in the
previous session. Bank Indonesia cut its key rates by 25 basis
points in a surprise move that came after Jakarta markets closed
on Thursday. 
    The country's central bank said on Friday that it would ease
monetary policy further if there is room to do so. 
    "The interest rate cut came as a surprise for the Indonesian
market and it highlights the severity of the current domestic
economic slowdown," said Harry Su, an analyst with Bahana
    Bucking the trend, Vietnam shares closed nearly 1
percent lower. It lost 1.7 percent over the week.
    Earlier, Asian shares rose but were set for weekly losses,
with the MSCI's broadest index of Asia-Pacific shares outside
Japan up 0.6 percent, but on track for a weekly
loss of 2.7 percent. 
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  STOCK MARKETS                                       
 Change on day                                        
  Market           Current      Previous     Pct Move
  Singapore        2763.42      2751.56      0.43
  Bangkok          1421.32      1411.19      0.72
  Manila           7622.07      7564.47      0.76
  Jakarta          4835.143     4814.391     0.43
  Kuala Lumpur     1624.18      1614.9       0.57
  Ho Chi Minh      619.25       625.11       -0.94
  Change on year                             
  Market           Current      End 2015     Pct Move
  Singapore        2763.42      2882.73      -4.14
  Bangkok          1421.32      1288.02      10.35
  Manila           7622.07      6952.08      9.64
  Jakarta          4835.143     4593.008     5.27
  Kuala Lumpur     1624.18      1692.51      -4.04
  Ho Chi Minh      619.25       579.03       6.95
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Biju