July 7, 2016 / 10:07 AM / 2 years ago

SE Asia Stocks-Vietnam surges to 8-yr high on lending outlook; Philippines falls

By Shashwat Pradhan
    July 7 (Reuters) - Vietnam shares rallied to a more than
eight-year high on Thursday on expectations of an increase in
credit flows, while Philippine stocks fell for a second straight
session with financials leading the losses.
    Asian share markets inched up, with MSCI's broadest index of
Asia-Pacific shares outside Japan gaining 0.8
percent, after upbeat U.S. economic data took some of the sting
out of the Brexit scare. 
    Sentiment across the region got a lift from a survey showing
activity in the giant U.S. services sector hit a seven-month
high in June as new orders surged and companies hired more.
    The signs of underlying strength in the economy suggested it
could withstand the financial markets turbulence, sparked by
uncertainty following last month's stunning vote in Britain to
leave the European Union, economists said. 
    In commodity markets, oil prices edged up for a second day,
supported by a report of another fall in U.S. crude oil
inventories and a weaker dollar. 
    Vietnam's benchmark stock index rose 1.8 percent to
its highest level since March 2008, driven by financial and
consumer stocks.
    Banks in Vietnam expect lending this year to surpass
targets, growing 20.4 percent over 2015, fuelled by stronger
credit demand and better business conditions, the central bank
said on Wednesday. 
    "This is a retail-driven rally, spurred by positive
liquidity, margin lending and optimism over the direction of the
new government... The commodity rally is also supportive," said
Fiachra MacCana of Ho Chi Minh Securities.
    Thai shares rose to their highest since July last
year on strong performance by energy and financials, while
Philippine shares extended losses with financials
accounting for more than half of the falls.
    Malaysia and Indonesia were closed on
Thursday for Eid-al-Fitr.    
For Asian Companies click;  

  STOCK MARKETS                                        
  Change on the                                        
  Market           Current       previous     Pct Move
  Singapore        2862.17       2864.67      -0.09
  Bangkok          1456.72       1452.59       0.28
  Manila           7753.46       7808.13      -0.70
  Ho Chi Minh      661.12        649.46        1.80
  Change so far                               
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2862.17       2882.73      -0.71
  Bangkok          1456.72       1288.02      13.10
  Manila           7753.46       6952.08      11.53
  Ho Chi Minh      661.12        579.03       14.18
 (Reporting by Shashwat Pradhan; Editing by Subhranshu Sahu)
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