April 26, 2019 / 10:24 AM / a month ago

SE Asia Stocks-Vietnam gains on EU trade pact hopes; Thailand drops

    * Vietnam best weekly performer
    * Thailand posts first weekly drop in four
    * Indonesia recovers from two-day selloff 

    By Ambar Warrick
    April 26 (Reuters) - Vietnam equities ended higher on Friday
boosted by positive cues from an impending free trade pact with
the European Union, while Thai markets dropped in overall
subdued trade across Southeast Asia ahead of U.S. economic
growth data.
    A string of solid numbers has led analysts to revise upwards
their outlook for U.S. growth and the latest median polled by
Reuters is for an annualised 2.0 percent. A strong reading could
result in heavy foreign fund outflows for regional risk assets.

    Vietnam's benchmark closed about 0.6 percent higher
in broad based gains, as investors took positive cues from a
free trade pact to be signed with the European Union by June
end.
    Real estate and financial stocks led gains, with Vinhomes
JSC and Joint Stock Commercial Bank for Investment and
Development of Vietnam ending up 2 percent and 0.9
percent, respectively. 
    Joint Stock Commercial Bank was also bolstered after it said
it was targeting nearly 9 percent growth in its 2019 profit.

    The benchmark index gained about 1.4 percent for the week,
outpacing its regional peers.
    Indonesian stocks shrugged off initial weakness to
end 0.4 percent higher, snapping two straight sessions of heavy
losses.
    By Thursday's close, the Jakarta index had lost about 1.4
percent over two sessions after a sell-off in consumer stocks
bled into other sectors. 
    Financials and telecommunication stocks led gains for the
day, with Bank Danamon Indonesia Tbk PT and
Telekomunikasi Indonesia ending 4.7 percent and 2.1
percent higher, respectively.
    For the week, Indonesian stocks shed 1.6 percent, their
worst weekly drop since early-March. 
    On the other hand, the Thai index ended about 0.4
percent down, as heavyweight oil and gas producers PTT
and Thai Oil were undercut by a retraction in oil
prices.
    Total Access Communication was the biggest drag on
the benchmark after its first-quarter results were seen as lower
than expected.
    "The 1Q19 results were below our forecast and the consensus
by 4 percent and 10 percent, respectively," local brokerage
KT-ZMICO said in a research note. 
    The Thai index snapped three straight weeks of gains this
week and ended 0.4 percent lower.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                           
 Market             Current  Previous close  Pct Move
 Singapore          3356.95  3350.28         0.20
 Bangkok            1667.15  1673.32         -0.37
 Manila             7868.28  7894.45         -0.33
 Jakarta            6401.08  6372.787        0.44
 Kuala Lumpur       1638.38  1635.68         0.17
 Ho Chi Minh        979.64   974.13          0.57
                                             
 Change on year                              
 Market             Current  End 2018        Pct Move
 Singapore          3356.95  3068.76         9.39
 Bangkok            1667.15  1563.88         6.60
 Manila             7868.28  7466.02         5.39
 Jakarta            6401.08  6194.498        3.33
 Kuala Lumpur       1638.38  1690.58         -3.09
 Ho Chi Minh        979.64   892.54          9.76
 

 (Reporting by Ambar Warrick; Editing by Rashmi Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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