June 28, 2016 / 10:17 AM / 2 years ago

SE Asia Stocks-End higher on bargain-hunting; Philippines down

By Krishna V Kurup
    June 28 (Reuters) - Most southeast Asian markets closed
higher on Tuesday, in line with Asian stocks, as investors
picked up beaten down shares that had slumped over the last two
sessions after Britain's decision last week to leave the
European Union.
    Global markets rose for the first time in three days after
the Brexit vote hammered U.S. and European bank stocks, and
dragged the British pound to a 31-year low. 
    While one group of investors viewed the Brexit sell-off as
an opportunity to come in, those that are risk-averse due to the
"potential negative impact on asset values" stayed away, said
Jose Vistan, an analyst with Manila-based AB Capital Securities.
    Singapore shares rose nearly 1 percent, their first
gain in three sessions, helped by telecom stocks.
    Singapore Telecommunications Ltd, the city-state's
largest telecom company by market capitalisation, rose 2.6
percent, while StarHub Ltd gained 4.5 percent. 
    "Historically, telcos have benefited from low rates/monetary
easing," Citi said in a note, referring to the U.S. Fed's
decision to hold back on further rate increases and the
readiness of a number of central banks to provide liquidity.
    Indonesian shares were up nearly 1 percent, led by
consumer cyclicals and healthcare stocks such as Astra
International Tbk PT and Kalbe Farma Tbk PT.
    Sentiment was also buoyed after Indonesia's parliament
approved an amnesty bill that would allow low payment rates for
taxpayers who declared untaxed wealth. 
    "It (tax amnesty) is directly positive for construction and
indirectly positive for property, banks, along with the domestic
economy," Jakarta-based Trimegah Securities said in a note.
    Vietnam closed marginally higher, with Vinamilk,
the country's biggest firm by market value, notching up its
biggest percentage gain since November, after the company's
board decided to remove its 49 percent foreign ownership cap.
    Bucking the trend, Philippine shares closed 0.6
percent lower, dragged down by consumer non-cyclicals. JG Summit
Holdings Inc fell 1.1 percent.
    The Philippine market "is being influenced by external
developments and the volatility abroad is affecting sentiment
for risk assets," Vistan said, adding that volatility in
currency markets further dampened sentiment.
    Earlier, MSCI's broadest index of Asia-Pacific shares
outside Japan was up 0.5 percent.
    For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2756.53       2729.85      0.98
  Bangkok          1437.42       1424.31      0.92
  Manila           7666.69       7715.9       -0.64
  Jakarta          4882.171      4836.052     0.95
  Kuala Lumpur     1634.04       1629.52      0.28
  Ho Chi Minh      622.2         621.27       0.15
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2756.53       2882.73      -4.38
  Bangkok          1437.42       1288.02      11.60
  Manila           7666.69       6952.08      10.28
  Jakarta          4882.171      4593.008     6.30
  Kuala Lumpur     1634.04       1692.51      -3.45
  Ho Chi Minh      622.2         579.03       7.46

 (Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil
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