SE Asia Stocks-Rise as Brexit concerns dim; Philippines leads
By Shashwat Pradhan June 21 (Reuters) - Most Southeast Asian stocks rose on Tuesday, in line with Asian markets, amid growing expectations that Britons would vote to remain in the European Union in Thursday's referendum. Investors were also cautious ahead of U.S. Federal Reserve Chair Janet Yellen's two-day testimony before Congress starting later on Tuesday. Two opinion polls on Monday suggested that the "Remain" camp had recovered some ground in the referendum debate following the murder of a pro-EU lawmaker. The sterling hit a seven-week high against the dollar on Tuesday, rising 0.4 percent to $1.4747. On Monday, it climbed 2.1 percent against the dollar, its biggest one-day gain since late 2008. A British vote to leave the EU would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday, said billionaire investor George Soros. The Philippine stock index outperformed peers to close more than 1 percent higher, its fifth straight session of gains in its longest streak of daily gains since April. Waning concerns around Brexit along with an encouraging outlook towards FDI with the new government are helping the Philippine market, said Grace Aller of AP Securities in Manila. Philippine President-elect Rodrigo Duterte's new economic team on Monday promised sweeping changes to boost infrastructure and maintain the country's robust economic growth. Duterte is to begin his six-year term on June 30. Investors are also keeping a keen eye out for the Philippine central bank's policy meeting on Thursday, where the apex bank is expected to keep key policy rates steady, a Reuters poll showed. The Thai index rose 0.6 percent as auto sales in May grew at their fastest annual pace in more than three years, helped by government measures to boost spending. Jakarta and Malaysia edged up, while Singapore fell marginally, dragged down by industrial stocks. Asian shares climbed, with the MSCI's broadest index of Asia-Pacific shares outside Japan up 0.5 percent in late afternoon trade. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move close Singapore 2789.45 2800.87 -0.41 Bangkok 1430.8 1421.99 0.62 Manila 7767.23 7665.33 1.33 Jakarta 4878.714 4863.531 0.31 Kuala Lumpur 1637.69 1634.23 0.21 Ho Chi Minh 628 626.46 0.25 Change on year Market Current End 2015 Pct Move Singapore 2789.45 2882.73 -3.24 Bangkok 1430.8 1288.02 11.09 Manila 7767.23 6952.08 11.73 Jakarta 4878.714 4593.008 6.22 Kuala Lumpur 1637.69 1692.51 -3.24 Ho Chi Minh 628 579.03 8.46 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Biju Dwarakanath)
© Thomson Reuters 2016 All rights reserved.