SE Asia Stocks-Rise as markets continue post-Brexit recovery
By Krishna V Kurup July 4 (Reuters) - Southeast Asian stock markets were trading higher on Monday, tracking broader Asian shares, while activity across much of the region was subdued due to the U.S Independence Day holiday. "As the Brexit shock dissipates, focus is likely to shift to central banks and data," Mixo Das, an analyst with Nomura, said in a note. Investors are awaiting a raft of data this week including U.S. non-farm payroll numbers due on Friday. Signs that the world's big central banks will go easier on monetary conditions have helped drive a recovery for stock markets after a bout of volatility following the Brexit vote. "Overall post-Brexit, we expect easing biases from all of BOE (Bank of England), Fed (U.S. Federal Reserve), BOJ (Bank of Japan), ECB (European Central Bank) and even Asian central banks," he added. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent at 0430 GMT, after Wall Street logged its fourth straight day of gains on Friday. Philippine shares were up 0.6 percent, led by industrials and financials. Ayala Corp rose 1.8 percent, while SM Prime Holdings Inc was up 1.6 percent. The Philippine index "is expected to continue its uptrend, as overnight markets extend gains, further shrugging off fears from the Brexit vote," Manila-based SB Equities said in a note. "Local markets may trade on weaker volume this week, as an expected holiday declaration (Eid), may dampen trading activity," it added. Singapore shares rose 0.7 percent, helped by consumer goods and oil and gas stocks. Thai Beverage PCL rose 3.3 percent, while Keppel Corp Ltd was up 1.3 percent. Crude price extended gains on Monday in Asia, after Saudi Arabia's energy minister and the secretary general of OPEC said the oil market is heading towards balance. Singapore's Manufacturing PMI data for June is expected to come out later in the day. Vietnam gained 0.6 percent, led by technology shares. Sacom Development and Investment Corp <rose 1.1 percent. The Indonesian stock market will be closed from July 4 to July 8 for end-of-Ramadan celebrations. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0430 GMT Market Current Prev close Pct Move Singapore 2866.93 2846.37 0.72 Bangkok 1451.2 1444.99 0.43 Manila 7873.55 7830.35 0.55 Kuala Lumpur 1654.17 1646.22 0.48 Ho Chi Minh 644.29 640.3 0.62 Change on year Market Current End 2015 Pct Move Singapore 2866.93 2882.73 -0.55 Bangkok 1451.2 1288.02 12.67 Manila 7873.55 6952.08 13.25 Kuala Lumpur 1654.17 1692.51 -2.27 Ho Chi Minh 644.29 579.03 11.27 (Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.