May 9, 2016 / 10:29 AM / 2 years ago

SE Asia Stocks-S'pore snaps 10-day losing streak, Indonesia hits over 2-month low

May 9 (Reuters) - Singapore shares rose on Monday, snapping
a 10-session losing streak, helped by a rally in U.S. stocks
late last week, while most other Southeast Asian markets
suffered losses led by Indonesia, which fell to its lowest in
over two months.
    U.S. stocks bounced back on Friday from early losses to
close higher as investors viewed the day's jobs data as less
disappointing than first thought. 
    "Singapore stock market opened higher as positive sentiments
spilled over from the positive U.S. close last Friday," said
Hong Wei Wong, an analyst at KGI Fraser Securities.
    However, investors may take the opportunity to sell into
rallies due to the weak economic outlook ahead, he said.
    Singapore's Straits Times index closed up 1.3
percent. Oil rig firm Keppel Corp closed up 1 percent,
while Sembcorp Marine rose 0.6 percent, after gaining
as much as 2.6 percent earlier.
    Indonesian shares closed down 1.5 percent, led by
utilities, while Malaysia fell 1 percent as industrials
lost ground.
    The losses came on the heels of China's April trade data,
released on Sunday, which doused investor hopes of a sustainable
economic recovery, with both exports and imports falling more
than expected. 
    Indonesian natural gas distributor PT Perusahaan Gas Negara
 fell 4.9 percent.
    "For Indonesia we expect a choppy session in the near
horizon, with a downward bias, following a soft 1Q16 GDP print,"
said KDB Daewoo Indonesia analyst Taye Shim.
    "In terms of flow, we suspect that foreigners will keep
their selling bias while locals are likely to remain sidelined
given lack of positive catalyst."    
    The Philippine market remained closed for Presidential
elections for which Rodrigo Duterte, mayor of the southern city
of Davao, has emerged as the front runner. 
    The Philippine index fell 2.3 percent last week.
    "There is increasing jitters over the upcoming presidential
elections as the economic policies of the current front runner -
Rodrigo Duterte - remain unknown," Maybank said in a note.
    For Asian Companies click;  

  Change on day                                        
  Market           Current       Prev Close   Pct Move
  Singapore        2766.06       2730.8       1.29
  Bangkok          1394.14       1390.7       0.25
  Manila           6991.87       6999.75      -0.11
  Jakarta          4749.315      4822.595     -1.52
  Kuala Lumpur     1632.19       1649.36      -1.04
  Ho Chi Minh      603.85        606.52       -0.44
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2766.06       2882.73      -4.05
  Bangkok          1394.14       1288.02      8.24
  Manila           6991.87       6952.08      0.57
  Jakarta          4749.315      4593.008     3.40
  Kuala Lumpur     1632.19       1692.51      -3.56
  Ho Chi Minh      603.85        579.03       4.29
 (Reporting by Rushil Dutta in Bengaluru; Editing by Anupama
Dwivedi and Gopakumar Warrier)
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