SE Asia Stocks-Largely up on bargain-hunting; Philippines down
By Krishna V Kurup June 28 (Reuters) - Southeast Asian stock markets regained some footing on Tuesday, as investors snapped up hammered assets after Britain's surprise decision to leave the European Union last week. But in a sign that sentiment remained fragile, trading volumes were light and price action was choppy across markets. Markets seesawed as one group looks at Brexit sell-off as an opportunity to come in and then there are those who are risk averse because of volatility and the potential negative impact on assets values, said Jose Vistan, an analyst with Manila-based AB Capital Securities. Indonesian shares rose 0.5 percent, led by consumer cyclicals and financial stocks such as Astra International Tbk PT and Bank Central Asia Tbk PT. Sentiment was also buoyed after a parliamentary commission approved a tax amnesty bill on Monday, ensuring that the government's plan to offer low rates for taxpayers who declare untaxed wealth will go into effect soon. Parliament votes on the bill on Tuesday. Finance Minister Bambang Brodjonegoro has said the programme can bring in 165 trillion rupiah ($12.44 billion) in additional income this year, which can help offset falling revenue from resource-related sectors. "It (tax amnesty) is directly positive for construction and indirectly positive for property, banks, along with the domestic economy," Jakarta-based brokerage Trimegah Securities said in a note, adding that JCI would strengthen further on Tuesday. Singapore shares were up 0.8 percent, on track for their first gain in three sessions, helped by telecom stocks. Singapore Telecommunications Ltd, the city-state's largest telecom company by market capitalisation, rose 1.5 percent, while StarHub Ltd gained 3.4 percent. Philippine shares fell 0.6 percent, pulled down by consumer non-cyclicals and financial stocks. JG Summit Holdings Inc fell 1.1 percent, while Ayala Land Inc dropped 1.7 percent. The Philippine market "is being influenced by external developments and the volatility abroad is affecting sentiment for risk assets," Vistan said. "We tend to be effected by such volatility indirectly through the currency markets, probably not through direct investments or trade." Asian stocks markets opened weaker on Tuesday, with MSCI's Asia ex-Japan index marginally higher at 0500 GMT after two consecutive sessions of losses. ($1 = 13,265.0000 rupiah) For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0435 GMT Market Current Prev close Pct Move Singapore 2752.11 2729.85 0.82 Bangkok 1427.3 1424.31 0.21 Manila 7668.32 7715.9 -0.62 Jakarta 4861.503 4836.052 0.53 Kuala Lumpur 1628.42 1629.52 -0.07 Ho Chi Minh 619.63 621.27 -0.26 Change on year Market Current End 2015 Pct Move Singapore 2752.11 2882.73 -4.53 Bangkok 1427.3 1288.02 10.81 Manila 7668.32 6952.08 10.30 Jakarta 4861.503 4593.008 5.85 Kuala Lumpur 1628.42 1692.51 -3.79 Ho Chi Minh 619.63 579.03 7.01 (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
© Thomson Reuters 2016 All rights reserved.