May 7, 2020 / 5:28 AM / in 23 days

SE Asia Stocks-Philippines drops as GDP shrinks; Thailand falls most

    * China's exports unexpectedly rise in April
    * Thailand falls to lowest in over one week
    * Vietnam on track for 3rd straight session of gains

    By Pranav A K
    May 7 (Reuters) - Philippine shares fell on Thursday after
economic growth unexpectedly shrank in the first quarter, while
Thailand led losses in the region weighed down by heavyweight
financial shares. 
    The Manila bourse fell 0.6% after data showed that
gross domestic product (GDP) in the first quarter declined for
the first time since 1998 as the coronavirus pandemic shattered
domestic demand.
     The GDP contracted 0.2% in the quarter from the same period
last year, compared with the 3.1% expansion expected in a
Reuters poll.
    While GDP contraction in the first quarter was much larger
than expected, an even steeper decline is possible in the second
quarter, said Stephen Innes, chief market strategist at AxiCorp.
     The biggest drags on the Philippines index were Security
Bank, down 2.5%, and International Container Terminal
Services, which fell 3.6%, after net income
attributable fell 18% in the first quarter.
     Markets seemed to shrug off positive data from China,
Southeast Asia's biggest trading partner. 
    China's exports came in better-than-expected in April for
the first time this year, an encouraging sign for global trade
after the COVID-19 pandemic battered demand and disrupted
manufacturing supply chains.
    "China trade data suggests industrial activity is coming
alive in China at a much better rate than expected," said Innes.
     Leading losses in the region, Thai shares fell 0.9%
as investors returned from a market holiday. 
    Reinsurance services provider Thaire Life Assurance PCL
 tumbled up to 8.8%, on tack for its worst day in more
than one month, while brokerage UOB Kay Hian Securities Thailand
 gave up 5.6%.
    Vietnam stocks rose 1.1%, their highest in more than
two weeks, boosted by financials and consumer staples companies.
    Motor vehicles trader Saigon General Service Corp
and Hoa Binh Rubber jumped nearly 7% each and led gains
in the index.
    Financial markets in Singapore, Malaysia and Indonesia were
closed on Thursday for the Buddhist holiday of Vesak day.
For Asian Companies click;  

  Change on the day                                    
  Market              Current      Previous    Pct Move
  Bangkok             1266.55      1278.63     -0.94
  Manila              5605.2       5639.27     -0.60
 Ho Chi Minh          790.83       782.59      1.05
  Change so far in                             
  Market              Current      End 2019    Pct Move
  Singapore           2591.6       3222.83     -19.59
  Bangkok             1266.55      1579.84     -19.83
  Manila              5605.2       7,815.26    -28.28
  Jakarta             4608.79      6,299.54    -26.84
  Kuala Lumpur        1376.93      1588.76     -13.33
  Ho Chi Minh         790.83       960.99      -17.71
 (Reporting by A K Pranav in Bengaluru; Editing by Amy Caren
Nuestros Estándares:Los principios Thomson Reuters
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