June 20, 2016 / 9:47 AM / 2 years ago

SE Asia Stocks-Rally as Brexit concerns wane

By Anusha Ravindranath
    June 20 (Reuters) - Most Southeast Asian stocks rose on
Monday, in line with Asian peers, as increased possibility of
Britain remaining in the European Union lifted risk appetite
across the board.
    Britons will cast their votes this Thursday in a referendum
on whether to quit the EU. 
    The implied probability of a British vote to remain in the
European Union rose to 72 percent on Monday, up from a range
between 60 and 67 percent on Friday, according to Betfair
betting odds. 
    Three opinion polls ahead of Thursday's vote also showed the
'Remain' camp recovering some momentum, although the overall
picture remained one of an evenly split electorate. 
    "Perception is that the British public is likely to vote in
favour of remaining in the EU. If that is the case, it would
remove the overhang of risk in the markets," said Nirgunan
Tiruchelvam, an analyst with Religare Capital Markets in
    There were fears that a "no" vote would be disruptive to the
markets and that seems to have dissipated, he added.
    Safe-haven assets and currencies like gold, government bonds
and the yen retreated, while higher oil prices bolstered
investor sentiment. 
    Singapore stocks closed more than 1 percent higher,
led by oil and gas stocks, as a weaker dollar and easing worries
over Britain's possible exit from the EU helped support crude
    Keppel Corp Ltd rose 2.2 percent, while Sembcorp
Industries Ltd gained 3.3 percent.
    The Philippine market closed 0.6 percent higher, with
consumer cyclicals such as SM Investments Corp and
Bloomberry Resorts Corp leading the gainers.
    "We are nearing our presidential inauguration. Things are
looking more positive for the Philippines," said Joseph Roxas,
an analyst with Eagle Equities.
    "There is a lot of hope in the incoming president."
    Philippines President-elect Rodrigo Duterte is to begin a
six-year term on June 30. 
    The new economic team under Duterte on Monday promised
changes to boost infrastructure, fix traffic woes, improve
investment frameworks and maintain the country's robust economic
    Vietnam was up more than 1 percent, as oil and gas
stocks such as Petrovietnam Gas Joint Stock Corp rose,
while Indonesia ended higher, helped by energy shares.  
    Earlier, Asian stocks gained, with MSCI's broadest index of
Asia-Pacific shares outside Japan up 1.3

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  STOCK MARKETS                                        
 Change on day                                         
  Market           Current       Previous     Pct Move
  Singapore        2800.87       2763.42      1.36
  Bangkok          1421.99       1421.32      0.05
  Manila           7665.33       7622.07      0.57
  Jakarta          4863.531      4835.143     0.59
  Kuala Lumpur     1634.23       1624.18      0.62
  Ho Chi Minh      626.46        619.25       1.16
  Change so far                               
 this year                                    
  Market           Current       End 2015     Pct Move
  Singapore        2800.87       2882.73      -2.84
  Bangkok          1421.99       1288.02      10.40
  Manila           7665.33       6952.08      10.26
  Jakarta          4863.531      4593.008     5.89
  Kuala Lumpur     1634.23       1692.51      -3.44
  Ho Chi Minh      626.46        579.03       8.19

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Biju
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