April 4, 2016 / 11:02 AM / 2 years ago

SE Asia Stocks-Most up; Singapore rebounds on property stocks

JAKARTA, April 4 (Reuters) - Most Southeast Asian stock
markets closed higher on Monday, in line with other Asian
indexes after a strong U.S. jobs report on Friday failed to
change the view that the Federal Reserve will raise interest
rates only once this year, if at all.
    Singapore's Strait Times Index rose 0.6 percent,
rebounding from a 0.8 percent fall on Friday when it closed at
its lowest level since March 10. 
    Property developers in Singapore were the biggest gainers.
City Developments Ltd led the market with a 2.9
percent gain and closed at its highest since Sept 9, 2015.
    Singapore home prices fell at a lower-than-expected rate,
indicating resilience in the property market, broker Maybank Kim
Eng said in a note. A recent reversal in interest rates should
also support property prices, the broker added.
    A report on Friday showed the U.S. economy added more jobs
than expected last month, while another showed U.S. factory
activity expanded in March for the first time in six months,
helping ease concerns about a slump in the global activity.
    But, the upbeat reports were offset by Fed Chair Janet
Yellen saying last week the central bank would proceed
cautiously in raising rates.
    "Employment remains the strongest and more resilient pillar
of the U.S. economic recovery. Still, the report is unlikely to
be a game changer and the Fed will most likely wait for further
evidence that the economy is on a solid path of growth before
thinking about raising rates again," BIMB Securities said in a
    Malaysia gained 0.86 percent. Gaming company Genting
Malaysia Bhd was the top gainer, ending up 3.6 percent
at its highest close since Aug 28, 2014. The company said on
Friday it would participate as manager of a U.S. gaming resort.
    Indonesia's composite index eked out a 0.14 percent
gain amid expectations that inflation would fall as the
government lowered fuel price this month. Consumer goods company
PT Unilever Indonesia rose 0.8 percent.
    Shares of property firm PT Agung Podomoro Land Tbk 
shrunk 10 percent after the government's anti-graft agency
linked the company's executive to a corruption investigation.
    The Philippines stock index gained 0.13 percent.
Thailand's SET Index edged down 0.3 percent, while the
Vietnam index fell 0.47 percent.
For Asian Companies click:  

 Change on day                                
 Market         Current  Prev close   Pct move
 Singapore      2835.35     2818.49       0.60
 Kuala Lumpur   1725.24     1710.55       0.86
 Bangkok        1400.27     1400.72      -0.03
 Jakarta        4850.17    4843.186       0.14
 Manila         7254.53     7245.13       0.13
 Ho Chi Minh     555.82      558.43      -0.47
 Change on year
 Market         Current    End 2015   Pct move
 Singapore      2835.35     2882.73      -1.64
 Kuala Lumpur   1725.24     1692.51       1.93
 Jakarta        4850.17    4593.008       5.60
 Manila         7254.53     6952.08       4.35
 Ho Chi Minh     555.82      579.03      -4.01

 (Reporting by Fransiska Nangoy; Editing by Anand Basu and Savio
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