June 27, 2016 / 10:17 AM / 2 years ago

SE Asia Stocks-Recover as investors absorb Brexit shock

By Krishna V Kurup
    June 27 (Reuters) - Most Southeast Asian stock markets
recovered from early losses on Monday and closed higher, as
investors digested uncertainties arising from Britain's decision
to exit the European Union.
    Sentiment remained weak as doubts over when the world's
fifth-largest economy would leave the EU and on what terms
weighed on global markets.
    However, the moves on Monday were nowhere near as extreme as
on Friday, when the shock of Britain's exit vote drove global
stocks to their biggest decline in nearly five years.
    The UK is likely to enter a recession within the year as a
result of the leave vote, a decision that will stunt global
economic growth as well, Goldman Sachs' top economists said on
    Concerns over Brexit however could prevent the U.S. Federal
Reserve from raising rates in the coming months, which would be
a big comfort for Asian markets. 
    Philippines shares rose 1.1 percent, helped by energy
and financial stocks. Semirara Mining Corp rose 5.1
percent, while Ayala Land Inc gained 3.1 percent.
    The rise was not expected today, but "the impact of the
Brexit should really be minimal," said Charles Ang, an analyst
with COL Financial.
    "Aside from the effect of weakened sentiments of global
investors, fundamentally we do not see any material impact of
the Brexit in terms of the Philippine economy," he added.
    Vietnam ended marginally higher, reversing losses made in
early trade. Energy stocks led the gains, with Petrovietnam Gas
Joint Stock Corp up 0.8 percent and PetroVietnam
Drilling & Well Service Corp 2.3 percent higher.
    "Investors are overreacting to Brexit," said Duong Manh
Dung, a trader at VnDirect Securities. "The market needs two to
three sessions to rebalance."
    Malaysian shares pared early losses to close 0.3
percent lower, while Singapore closed down 0.2 percent.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 cut losses and was down 0.2 percent at 0825 GMT.

    For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2729.85       2735.39      -0.20
  Bangkok          1424.31       1413.19      0.79
  Manila           7715.9        7629.72      1.13
  Jakarta          4836.052      4834.569     0.03
  Kuala Lumpur     1629.52       1634.05      -0.28
  Ho Chi Minh      621.27        620.77       0.08
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2729.85       2882.73      -5.30
  Bangkok          1424.31       1288.02      10.58
  Manila           7715.9        6952.08      10.99
  Jakarta          4836.052      4593.008     5.29
  Kuala Lumpur     1629.52       1692.51      -3.72
  Ho Chi Minh      621.27        579.03       7.29

 (Reporting by Krishna V Kurup in Bengaluru; Additional
reporting by My Pham in Hanoi; Editing by Subhranshu Sahu)
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