July 20, 2018 / 10:27 AM / 5 months ago

SE Asia Stocks-Most end on cheery note; Thai shares up over 1 pct

    * Thailand hits 1-mth closing high
    * Vietnam snaps 5 weekly sessions of losses

    By Karthika Suresh Namboothiri
    July 20 (Reuters) - Most Southeast Asian stock markets ended
the week on a positive note with Thailand rising over 1 percent
while the Philippines posted its best week in well over a year.
    Asia shares ex-Japan erased early losses to
rise 0.7 percent as Chinese stocks staged a smart recovery and
the yuan bounced from a one-year low.
    The Chinese currency took a beating earlier in the day after
the country's central bank set a weaker fixing for the seventh
straight session, adding to the anxiety in Asian markets, which
remain sensitive to any sharp moves in the yuan.
    Thai stocks extended gains from the previous session
to end up 1.5 percent, marking a one-month closing high.
    Shares in four of Thailand's biggest lenders rose after they
reported market-beating second-quarter profit, as the impact of
their decision to waive fees for digital transactions was milder
than expected.
    Kasikornbank jumped 5.8 percent while Siam
Commercial Bank was up 4.4 percent.
    Philippine stocks ended the day higher, erasing early
losses. BDO Unibank up 1.9 percent and SM Prime
Holdings rising 1.2 percent.
    The bourse marked its best week since April 2017.
    The Indonesian index pulled back from early losses,
after the central bank kept its benchmark interest rate
unchanged on Thursday, taking a pause in its monetary tightening
cycle aimed at bolstering the currency.
    The rupiah hit a near three-year low on Friday.
    The "puzzling movement" of the rupiah despite impressive
interest rate hikes has the market a little concerned, said Taye
Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
    Investors now have to reassess the economy and recalibrate
their investment strategies, he added.
    The benchmark index closed the week 1.2 percent lower.
    Singapore shares extending gains for a fourth
consecutive session, ending up 0.6 percent. For the week it
gained 1.2 percent.
    Malaysian shares snapped nine consecutive sessions
of gains to end lower. Digi.Com Bhd was down 1.9
percent and Tenaga Nasional fell 0.7 percent.
    Exports of Malaysian palm oil products for July 1-20 fell,
according to independent inspection company AmSpec Agri Malaysia

    Malaysia is the second largest producer and exporter of palm
oil.
    Vietnam stocks snapped five weekly sessions of losses
and also a six-day winning run to end down 1.1 percent. Saigon
Beer slumped 7 percent to a one-year low.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3297.83   3277.58         0.62
 Bangkok            1671.06   1646.89         1.47
 Manila             7399.61   7387.87         0.16
 Jakarta            5872.784  5871.077        0.03
 Kuala Lumpur       1754.67   1759.24         -0.26
 Ho Chi Minh        933.39    943.97          -1.12
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3297.83   3402.92         -3.09
 Bangkok            1671.06   1753.71         -4.71
 Manila             7399.61   8558.42         -13.54
 Jakarta            5872.784  6355.654        -7.60
 Kuala Lumpur       1754.67   1796.81         -2.35
 Ho Chi Minh        933.39    984.24          -5.17
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Sunil
Nair)
  
Nuestros Estándares:Los principios Thomson Reuters
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