August 4, 2016 / 9:47 AM / 2 years ago

SE Asia Stocks-Gain ahead of BoE meeting; Philippines rise most

By Aparajita Saxena
    Aug 4 (Reuters) - Southeast Asian stocks closed up on
Thursday, in line with their Asian counterparts, tracking an
overnight rally in global oil prices, and on expectations of a
rate cut from the Bank of England that would provide further
growth stimulus.
    The Bank of England is expected to cut its policy rate by at
least a quarter percentage point to a record low of 0.25
percent, to ward off a potential recession following the UK's
vote to leave the European Union. 
    "Global central banks are trying to address the possible
impact of global economic slowdown following the Brexit vote.
We're going to see a shift of funds from developed economies
back to emerging markets," said Lexter Azurin, an analyst with
Unicapital Securities in Manila.
    "Investors are buying into the growth story of emerging
markets and that is why our markets are faring well."
    Early Thursday gains in oil prices also boosted investor
risk appetite for Asian markets after energy shares led gains in
five of the six Southeast Asian indexes. 
    Wednesday was the first positive day for U.S. equities after
a series of loss sessions. U.S. shares gained on the rise in oil
prices, and Asian investors factored those in, a Manila-based
trader said.
    Philippines shares outperformed other markets, and
ended higher 1.14 percent, after snapping two sessions of
losses. Oil refiner Petron Corp led the gains.
    Vietnam shares pared most of their early gains and
ended nearly flat.
    Saigon Fuel JSC closed up 6.34 percent.
    Malaysia snapped two straight sessions of losses and
closed up 0.41 percent, with a rally in index heavyweights RHB
Bank Bhd and Hong Leong Financial Group Bhd.
    Thai index remained subdued ahead of Sunday's
referendum vote for a new constitution.
    Gains were led by oil and gas companies PTT PCL and
Thai Oil PCL.
For Asian Companies click;  
  STOCK MARKETS                                            
  Change on day                                            
  Market           Current       Previous Close   Pct Move
  Singapore        2831.96       2827.58          0.15
  Bangkok          1509.73       1507.47          0.15
  Manila           7978.57       7888.44          1.14
  Jakarta          5373.863      5351.878         0.41
  Kuala Lumpur     1655.29       1648.5           0.41
  Ho Chi Minh      631.94        631.61           0.05
  Change on year                                  
  Market           Current       End 2015         Pct Move
  Singapore        2831.96       2882.73          -1.76
  Bangkok          1509.73       1288.02          17.21
  Manila           7978.57       6952.08          14.77
  Jakarta          5373.863      4593.008         17.00
  Kuala Lumpur     1655.29       1692.51          -2.20
  Ho Chi Minh      631.94        579.03           9.14
 (Reporting by Aparajita Saxena in Bengaluru; Editing by
Gopakumar Warrier)
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