August 8, 2017 / 10:20 AM / a year ago

SE Asia Stocks-Flat to higher on prospects of better global economic growth

    By Sandhya Sampath
    Aug 8 (Reuters) - Southeast Asian stock markets ended flat
to higher on Tuesday  on optimism over prospects of better
global economic growth while investors shrugged off
weaker-than-expected trade data from China.
    Ratings agency Fitch raised its 2017 world GDP growth
forecast to 3 percent from 2.9 percent in June, with the
revisions led by emerging markets and China in particular.
    "I guess it (Fitch's outlook lift) boosted confidence in the
markets," said Lexter Azurin, a senior analyst with Manila-based
AB Capital Securities.
    That provided some cheer on a day when China's July exports
and imports both rose much less than expected, breaking a run of
better numbers from the Asian giant that had fuelled optimism on
global growth and a rally in industrial commodity prices.

    In Southeast Asia, Indonesian shares recovered from
three sessions of falls to end 1.1 percent higher, logging their
best day in a month. Gains were led by financials and consumer
    Thai shares ended up 0.2 percent, supported by
financials. Siam Commercial Bank PCL gained 1.1
percent, while Kasikornbank PCL closed 2.4 percent
    Investors are beginning to take bets on key financials which
fell in the past couple of weeks following disappointing
earnings, said Rakpong Chaisuparakul, a strategist with KGI
Securities Thailand.
    Philippine shares closed marginally lower, snapping
three straight sessions of gains, after trading in positive
territory for most parts of the day.
    Utilities and consumer staples led the decline with Aboitiz
Equity Ventures Inc closing 3.1 percent lower.
    The Philippines followed the U.S. market after the Dow
 went up last night to reach a record high, said Azurin,
adding that the drop during the pre-closure was due to
last-minute selling.
    Vietnam shares rose as much as 0.5 percent to a fresh
nine-year high before closing the session slightly lower,
snapping three consecutive sessions of gains. Financials and
consumer staples were among the top losers.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 proved relatively resilient, inching up 0.2
percent and back toward decade highs.
For Asian Companies click;  
 Change on day                                    
 Market            Current       Previous close  Pct Move
 Singapore         3318.08       3320.67         -0.08
 Bangkok           1577.44       1573.67         0.24
 Manila            7986.51       7992.27         -0.07
 Jakarta           5810.563      5749.292        1.07
 Kuala Lumpur      1781.65       1777.91         0.21
 Ho Chi Minh       791.57        792.98          -0.18
 Change on year                                   
 Market            Current       End 2016        Pct Move
 Singapore         3318.08       2880.76         15.18
 Bangkok           1577.44       1542.94         2.24
 Manila            7986.51       6840.64         16.8
 Jakarta           5810.563      5296.711        9.70
 Kuala Lumpur      1781.65       1641.73         8.52
 Ho Chi Minh       791.57        664.87          19.1

 (Reporting by Sandhya Sampath; Editing by Subhranshu Sahu)
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