June 21, 2016 / 10:27 AM / 2 years ago

SE Asia Stocks-Rise as Brexit concerns dim; Philippines leads

By Shashwat Pradhan
    June 21 (Reuters) - Most Southeast Asian stocks rose on
Tuesday, in line with Asian markets, amid growing expectations
that Britons would vote to remain in the European Union in
Thursday's referendum.
    Investors were also cautious ahead of U.S. Federal Reserve
Chair Janet Yellen's two-day testimony before Congress starting
later on Tuesday. 
    Two opinion polls on Monday suggested that the "Remain" camp
had recovered some ground in the referendum debate following the
murder of a pro-EU lawmaker. 
    The sterling hit a seven-week high against the dollar on
Tuesday, rising 0.4 percent to $1.4747. On Monday, it climbed
2.1 percent against the dollar, its biggest one-day gain since
late 2008. 
    A British vote to leave the EU would trigger a bigger and
more disruptive sterling devaluation than the fall on Black
Wednesday, said billionaire investor George Soros. 
    The Philippine stock index outperformed peers to
close more than 1 percent higher, its fifth straight session of
gains in its longest streak of daily gains since April.
    Waning concerns around Brexit along with an encouraging
outlook towards FDI with the new government are helping the
Philippine market, said Grace Aller of AP Securities in Manila.
    Philippine President-elect Rodrigo Duterte's new economic
team on Monday promised sweeping changes to boost infrastructure
and maintain the country's robust economic growth. Duterte is to
begin his six-year term on June 30. 
    Investors are also keeping a keen eye out for the Philippine
central bank's policy meeting on Thursday, where the apex bank
is expected to keep key policy rates steady, a Reuters poll
    The Thai index rose 0.6 percent as auto sales in May
grew at their fastest annual pace in more than three years,
helped by government measures to boost spending. 
    Jakarta and Malaysia edged up, while
Singapore fell marginally, dragged down by industrial
    Asian shares climbed, with the MSCI's broadest index of
Asia-Pacific shares outside Japan up 0.5 percent
in late afternoon trade. 
For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Previous     Pct Move
  Singapore        2789.45       2800.87      -0.41
  Bangkok          1430.8        1421.99      0.62
  Manila           7767.23       7665.33      1.33
  Jakarta          4878.714      4863.531     0.31
  Kuala Lumpur     1637.69       1634.23      0.21
  Ho Chi Minh      628           626.46       0.25
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2789.45       2882.73      -3.24
  Bangkok          1430.8        1288.02      11.09
  Manila           7767.23       6952.08      11.73
  Jakarta          4878.714      4593.008     6.22
  Kuala Lumpur     1637.69       1692.51      -3.24
 Ho Chi Minh       628           579.03       8.46

 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Biju
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