SE Asia Stocks-Buoyed by China growth data; Singapore hits 2-1/2 mth high
By Ruchira Kondepudi July 15 (Reuters) - Most Southeast Asian stock markets rose on Friday, in line with their Asian peers, as better-than-expected China GDP data, a status quo from the Bank of England and record highs on Wall Street offset the impact on sentiment of an attack in France. China's economy climbed 6.7 percent in the second quarter, marginally better than the expected 6.6 percent, which would have been the weakest since the global financial crisis. Industrial output and retail sales also beat forecasts, which helped alleviate fears of slowing momentum. "The fact that money supply and loans are also up suggests that China's pro-stimulus position should not be derailed, which will be quite supportive of wider Asia," said Vishnu Varathan, a senior economist with Mizuho Corporate Bank in Singapore. The BoE on Thursday surprised financial markets by keeping interest rates on hold, but held out the prospect of a stimulus package soon. "Given that markets have been effervescent the whole week, there might be some caution as we go into closing hours. We are not looking at an all-out risk positioning either," he said. Indonesian shares were up 0.5 percent, driven by financials and consumer non-cyclicals, after the country's trade surplus grew more than expected to $900 million in June. Trimegah Securities said it expected JCI to fall on Friday and trade in a range of 5,058-5,133. Kino Indonesia climbed 4 percent, while Bank Central Asia gained nearly 1 percent. Singapore shares resumed trading after Thursday's disruption and rose as much as 1.1 percent to their highest since April 22, driven by consumer services and industrial stocks. Philippine stocks gained 0.7 percent, driven by telecom and financials stocks, while Vietnam was down with consumer non-cyclicals and energy shares leading the losses. Asian shares extended gains, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.7 percent. Meanwhile, news of an attack in France lifted the safe-haven yen in early trading. An attacker killed up to 80 people and injured scores when he drove a heavy truck at high speed into a crowd watching Bastille Day fireworks in the French Riviera city of Nice late on Thursday, officials said. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change as of 0520 GMT Market Current previous Pct Move close Singapore 2922.94 2906.92 0.55 Bangkok 1492.46 1488.69 0.25 Manila 8014.21 7956.14 0.73 Jakarta 5109.823 5083.539 0.52 Kuala Lumpur 1664.09 1654.78 0.56 Ho Chi Minh 663.96 666.69 -0.41 Change so far this year Market Current End prev yr Pct Move Singapore 2922.94 2882.73 1.39 Bangkok 1492.46 1288.02 15.87 Manila 8014.21 6952.08 15.28 Jakarta 5109.823 4593.008 11.25 Kuala Lumpur 1664.09 1692.51 -1.68 Ho Chi Minh 663.96 579.03 14.67 (Reporting by Ruchira Kondepudi; Editing by Subhranshu Sahu)
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