August 8, 2016 / 10:17 AM / in 2 years

SE Asia Stocks-Rise on strong US jobs data; Thailand outperforms

By Justin George Varghese
    Aug 8 (Reuters) - Southeast Asian stocks rose on Monday,
with Thailand outperforming other markets in the region, after
strong U.S. jobs data raised the possibility of a rate hike by
the Federal Reserve this year.
    Thailand's stock market index rose to its highest
since April 2015 after Thais voted in a referendum to accept a
new military-backed constitution that would pave the way for an
election next year. 
    The vote should reduce political uncertainty in Southeast
Asia's second-largest economy and encourage incoming foreign
fund flows, analysts said. 
    The index closed 1.6 percent higher and posted its fourth
session of gains, led by telecom services and financials. 
    Shares of Kasikornbank rose 5 percent, while
convenience store chain CP All advanced 2.4 percent. 
    Asian shares rose, with MSCI's broadest index of
Asia-Pacific shares outside Japan hitting its
highest since Aug. 11 last year, as investors' hunt for yield
gathered momentum against a backdrop of a recovering U.S.
economy and ultra-easy easy global monetary policy conditions.
    Singapore shares surged as much as 2 percent in their
biggest intraday percentage rally since June 30, with financial
and consumer services stocks driving the gains. They closed 1.5
percent higher.
    DBS Group Holdings Ltd rose 1.4 percent, while
Jardine Cycle & Carriage Ltd gained 3.4 percent.
    The Jakarta Composite Index rose 0.7 percent and 
the Philippine index gained 0.3 percent, with both
markets helped by gains in financials.
    Vietnam shares rose 0.3 percent, led by utility
stocks Petrovietnam Gas Joint Stock Corporation and Pha
Lai Thermal Power Joint Stock Company. 
For Asian Companies click; 
  STOCK MARKETS                                                
  Change on 1000 GMT                                           
  Market                    Current   Previous close  Pct Move
  Singapore                 2870.78   2828.17         1.51
  Bangkok                   1542.26   1518.69         1.55
  Manila                    7993.58   7970.35         0.29
  Jakarta                   5458.979  5420.246        0.71
  Kuala Lumpur              1672.68   1664.04         0.52
  Ho Chi Minh               629.46    627.39          0.33
  Change so far this year                             
  Market                    Current   End prev yr     Pct Move
  Singapore                 2870.78   2882.73         -0.41
  Bangkok                   1542.26   1288.02         19.74
  Manila                    7993.58   6952.08         14.98
  Jakarta                   5458.979  4593.008        18.85
  Kuala Lumpur              1672.68   1692.51         -1.17
  Ho Chi Minh               629.46    579.03          8.71

 (Reporting by Justin George Varghese in Bengaluru; Editing by
Subhranshu Sahu)
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