May 13, 2016 / 6:11 AM / 2 years ago

SE Asia Stocks-Malaysia down as Q1 GDP growth slows; Philippines up

By Rushil Dutta
    May 13 (Reuters) - Most Southeast Asian stocks were lower on
Friday, with Malaysia posting its biggest intraday percentage
loss in more than five months as GDP grew at its slowest
quarterly pace since 2009, while the Philippine index rallied
after losses a day earlier.
    Malaysia's economy expanded 4.2 percent in January-March
compared with a year earlier, broadly in line with expectations
but down from the 4.5 percent in the previous three months, as
exports and domestic demand were weak. 
    The FTSE Bursa Malaysia KLCI index fell 1.36 percent
as of 0535 GMT, driven by basic materials. 
    Petronas Chemicals, the biggest constituent in the
basic materials sector, fell 4.19 percent.
    "The balance of risks in 2016 is skewed towards growth
disappointment and fiscal slippage, with inflation pressures of
second-order concern," ANZ said in a note on Friday. 
    "Structurally lower oil prices means that Malaysia will
still be confronted with significant growth and fiscal
headwinds, with residual concerns about 1MDB." 
    The troubled Malaysian state fund, which is at the centre of
a multi-billion-dollar graft scandal, said last month it was in
default after missing some bond payments. 
    In Philippines, stocks rallied after the country's central
bank left the benchmark interest rate flat at 4 percent,
expecting economic growth to remain strong. 
    The Philippine main index rose 2.43 pct led by
industrials, after profit-taking on Thursday snapped two
sessions of nearly 6 percent gains earlier in the week. Ayala
Corp climbed 5.47 pct.
    "President-elect Rodrigo Duterte disclosed his eight-point
economic agenda upon his transition yesterday which has been
taken positively by the market," said Luz Lorenzo, a Maybank
KimEng analyst. 
    The wide-ranging economic agenda include tax reforms to
accelerating infrastructure building to support services for
farmers and attracting foreign investments by reducing crime,
according to media reports. 
    Indonesia fell 0.6 percent, dragged down by
financials and materials. 
For Asian Companies click;  

  STOCK MARKETS                                       
  Change on day                                       
  Market           Current       Previous     Pct Move
  Singapore        2726.92       2745.39      -0.67
  Bangkok          1399.55       1399.31      0.02
  Manila           7503.52       7325.04      2.44
  Jakarta          4772.48       4803.322     -0.64
  Kuala Lumpur     1626.53       1648.98      -1.36
  Ho Chi Minh      609.29        612.12       -0.46
  Change on  year                             
  Market           Current       End 2015     Pct Move
  Singapore        2726.73       2882.73      -5.41
  Bangkok          1399.55       1288.02      8.66
  Manila           7503.01       6952.08      7.92
  Jakarta          4772.48       4593.008     3.91
  Kuala Lumpur     1626.53       1692.51      -3.90
  Ho Chi Minh      609.29        579.03       5.23
 (Reporting by Rushil Dutta in Bengaluru; Editing by Biju
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