May 13, 2016 / 11:12 AM / 2 years ago

SE Asia Stocks-Malaysia falls over 1 pct, Philippines bounces back

By Rushil Dutta
    May 13 (Reuters) - Most Southeast Asian stocks closed lower
on Friday, led by Malaysia which posted its slowest quarterly
economic growth since 2009, while the Philippine index bounced
back from the previous session's losses.
    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 growth percent in the previous three
months, as exports and domestic demand were weak. 
     "The balance of risks in 2016 is skewed towards growth
disappointment and fiscal slippage, with inflation pressures of
second-order concern," ANZ stated in a note on Friday. 
    The FTSE Bursa Malaysia KLCI index closed down 1.26
percent, driven by basic materials. 
    Investment bank CIMB Group was the biggest loser
with a drop of 5.78 percent, while oilfield services provider
Sapurakencana Petroleum Bhd finished about 3.1 percent
    "Structurally, lower oil prices mean that Malaysia will
still be confronted with significant growth and fiscal
headwinds, with residual concerns about 1MDB," adds ANZ.
    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 the 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 closed up 1.53 percent led
by industrials.
    Ayala Corp closed higher 5.28 percent, while Petron
Corp finished 4.6 percent up. 
    "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 includes tax reforms to
accelerating infrastructure building to support services for
farmers and attracting foreign investments by reducing crime,
according to media reports. 
    Indonesia fell 0.9 percent, dragged down by
financials and materials, while Thailand's main index 
closed marginally down.
For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Previous     Pct Move
  Singapore        2734.91       2745.39      -0.38
  Bangkok          1394.69       1399.31      -0.33
  Manila           7436.79       7325.04      1.53
  Jakarta          4761.715      4803.322     -0.87
  Kuala Lumpur     1628.26       1648.98      -1.26
  Ho Chi Minh      610.82        612.12       -0.21
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2734.91       2882.73      -5.13
  Bangkok          1394.69       1288.02      8.28
  Manila           7436.79       6952.08      6.97
  Jakarta          4761.715      4593.008     3.67
  Kuala Lumpur     1628.26       1692.51      -3.80
  Ho Chi Minh      610.82        579.03       5.49
 (Reporting by Rushil Dutta in Bengaluru; Editing by Biju
Dwarakanath and Sherry Jacob-Phillips)
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