August 5, 2016 / 4:11 AM / 2 years ago

SE Asia Stocks-Indonesia hits 15-mth high on strong GDP data; Vietnam slides

By Shashwat Pradhan
    Aug 5 (Reuters) - Indonesian shares vaulted to 15-month
highs on Friday, buoyed by upbeat GDP data, while Vietnam stocks
slid more than 1 percent and were headed for their fifth session
of falls in six, dragged down by financial stocks.
    Asian shares rose as risk sentiment improved after the Bank
of England cut interest rates to next to nothing on Thursday and
announced billions of pounds of stimulus to soften the economic
shock from Britain's vote to leave the European Union.
    "I do not think we will hit any new highs. Rallies (in
Southeast Asian markets) are not big. Most of the rate cut was
really priced in. I think if they did not cut the rates, it
would be down much, much more," said Joseph Roxas, an analyst
with Manila-based Eagle Equities.
    An overnight rally in crude oil prices also sharpened risk
appetite, while sterling nursed deep losses after sliding on
news of the BoE stimulus plan.  
    The Jakarta Composite Index rose as much as 1
percent to its highest since April 24, 2015, as data showed
Indonesia's annual economic growth accelerated more than
expected to 5.18 percent in the second quarter. 
    Thai shares extended gains into a third straight
session, aided by telecom and financial stocks.
    Advanced Info Service, Thailand's largest mobile
phone operator, forecast on Thursday its 2016 revenue would be
slightly better than 2015, saying the service revenue growth in
the second half was expected to improve from the first
    Malaysian shares edged up, led by consumer and
industrial stocks, while Vietnam slid as much as 1.1
percent to a more than one-month low, with financial stocks
accounting for more than half of the losses.
    Vingroup, Vietnam's top property firm, fell as much
as 4 percent to its lowest since June 24.
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  STOCK MARKETS                                        
 Change on 0335                                        
  Market           Current       previous     Pct Move
  Singapore        2826.45       2831.96      -0.19
  Bangkok          1519.65       1507.93      0.78
  Manila           7972.98       7978.57      -0.07
  Jakarta          5413.264      5373.863     0.73
  Kuala Lumpur     1658.97       1655.29      0.22
  Ho Chi Minh      628.65        631.94       -0.52
 Change so far                                
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2826.45       2882.73      -1.95
  Bangkok          1519.65       1288.02      17.98
  Manila           7972.98       6952.08      14.68
  Jakarta          5413.264      4593.008     17.86
  Kuala Lumpur     1658.97       1692.51      -1.98
  Ho Chi Minh      628.65        579.03       8.57

 (Reporting by Shashwat Pradhan; Editing by Subhranshu Sahu)
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