July 1, 2016 / 10:17 AM / 2 years ago

SE Asia Stocks-Largely up as risk appetite continues to improve

By Krishna V Kurup
    July 1 (Reuters) - Most Southeast Asian stock markets rose
on Friday, as risk appetite continued to improve following a
two-day selloff after Britain voted to exit the European Union
last week.
    Investor sentiment was also boosted after Bank of England
Governor Mark Carney said the central bank would probably need
to pump more stimulus into Britain's economy over the summer
following the shock triggered by the referendum
    St. Louis Federal Reserve Bank President James Bullard said
on Thursday he was sticking with his view that the U.S. central
bank needed to make a single increase to interest rates, adding
the impact on the United States of Britain's vote to leave was
"statistically in the neighbourhood of zero." 
    Central banks in Southeast Asia are also in a wait-and-watch
mode after the Brexit vote, with Indonesia's central bank saying
earlier this week that it had room to loosen monetary policy
again as inflation was within its range. 
    Malaysia's central bank said on Thursday that markets had
been resilient after the Brexit referendum as key domestic
markets continued to have ample liquidity, adding that it would
monitor developments to address further volatility. 
    A combination of greater policy easing and lower DM
(developed markets) growth expectations is favourable for ASEAN
countries, Nomura said in a note. In a post-Brexit environment
with greater policy accommodation, ASEAN should continue to
outperform, it added.
    Vietnam shares hit their highest since September
2014, before closing up 1.3 percent. They posted a gain of 3.1
percent for the week.
    Energy stocks helped the index gain as oil prices rose on
tighter market outlook. Petrovietnam Gas Joint Stock Corp
 rose as much as 6.4 percent to its highest since June
12, 2015. 
    Philippine shares rose 0.4 percent, helped by
consumer cyclicals and financials. SM Investments Corp 
gained 2.4 percent, while SM Prime Holdings Inc was up
1.3 percent.
    "Investors are bullish about Duterte's incoming
administration as he had a lot of changes in mind, and
anticipate that he will be able to fast-track all of his plans,"
said Grace Aller, an analyst with AP Securities in Manila.
    The Philippine index gained 2.6 percent this week. 
    Indonesian shares ended nearly 1 percent lower, with
healthcare and consumer non-cyclicals dragging the index down.
Kalbe Farma Tbk PT was down nearly 2 percent, while
Hanjaya Mandala Sampoerna Tbk PT fell 2.4 percent. The
Jakarta index gained 2.8 percent this week.
    Malaysia closed 0.5 percent down, with consumer
cyclicals leading the losses. Genting Bhd fell 2.3
    The Thai market was closed on Friday for the
mid-year closing day.

    For Asian Companies click;  
  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2846.37       2840.93      0.19
  Manila           7830.35       7796.25      0.44
  Jakarta          4971.581      5016.647     -0.90
  Kuala Lumpur     1646.22       1654.08      -0.48
  Ho Chi Minh      640.3         632.26       1.27
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2846.37       2882.73      -1.26
  Manila           7830.35       6952.08      12.63
  Jakarta          4971.581      4593.008     8.24
  Kuala Lumpur     1646.22       1692.51      -2.73
  Ho Chi Minh      640.3         579.03       10.58

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below