June 28, 2016 / 5:36 AM / 2 years ago

SE Asia Stocks-Largely up on bargain-hunting; Philippines down

By Krishna V Kurup
    June 28 (Reuters) - Southeast Asian stock markets regained
some footing on Tuesday, as investors snapped up hammered assets
after Britain's surprise decision to leave the European Union
last week.
    But in a sign that sentiment remained fragile, trading
volumes were light and price action was choppy across markets.
    Markets seesawed as one group looks at Brexit sell-off as an
opportunity to come in and then there are those who are risk
averse because of volatility and the potential negative impact
on assets values, said Jose Vistan, an analyst with Manila-based
AB Capital Securities. 
    Indonesian shares rose 0.5 percent, led by consumer
cyclicals and financial stocks such as Astra International Tbk
PT and Bank Central Asia Tbk PT.
    Sentiment was also buoyed after a parliamentary commission
approved a tax amnesty bill on Monday, ensuring that the
government's plan to offer low rates for taxpayers who declare
untaxed wealth will go into effect soon. Parliament votes on the
bill on Tuesday.    
    Finance Minister Bambang Brodjonegoro has said the programme
can bring in 165 trillion rupiah ($12.44 billion) in additional
income this year, which can help offset falling revenue from
resource-related sectors.
    "It (tax amnesty) is directly positive for construction and
indirectly positive for property, banks, along with the domestic
economy," Jakarta-based brokerage Trimegah Securities said in a
note, adding that JCI would strengthen further on Tuesday.
    Singapore shares were up 0.8 percent, on track for
their first gain in three sessions, helped by telecom stocks.
    Singapore Telecommunications Ltd, the city-state's
largest telecom company by market capitalisation, rose 1.5
percent, while StarHub Ltd gained 3.4 percent.
    Philippine shares fell 0.6 percent, pulled down by
consumer non-cyclicals and financial stocks. JG Summit Holdings
Inc fell 1.1 percent, while Ayala Land Inc 
dropped 1.7 percent.
    The Philippine market "is being influenced by external
developments and the volatility abroad is affecting sentiment
for risk assets," Vistan said.  
    "We tend to be effected by such volatility indirectly
through the currency markets, probably not through direct
investments or trade."
    Asian stocks markets opened weaker on Tuesday, with MSCI's
Asia ex-Japan index marginally higher at 0500
GMT after two consecutive sessions of losses.
($1 = 13,265.0000 rupiah)
For Asian Companies click;  

  STOCK MARKETS                                           
  Change at 0435 GMT                                      
  Market              Current       Prev close   Pct Move
  Singapore           2752.11       2729.85      0.82
  Bangkok             1427.3        1424.31      0.21
  Manila              7668.32       7715.9       -0.62
  Jakarta             4861.503      4836.052     0.53
  Kuala Lumpur        1628.42       1629.52      -0.07
  Ho Chi Minh         619.63        621.27       -0.26
  Change on year                                 
  Market              Current       End 2015     Pct Move
  Singapore           2752.11       2882.73      -4.53
  Bangkok             1427.3        1288.02      10.81
  Manila              7668.32       6952.08      10.30
  Jakarta             4861.503      4593.008     5.85
  Kuala Lumpur        1628.42       1692.51      -3.79
  Ho Chi Minh         619.63        579.03       7.01

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)
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