May 29, 2019 / 10:21 AM / a year ago

SE Asia Stocks-Indonesia bounces back; Thailand drops on weak oil, political worries

    * Thai stocks snap three sessions of gains
    * HSBC upgrades Malaysia stocks to 'neutral'

    By Shreya Mariam Job
    May 29 (Reuters) - Indonesian shares bounced back on
Wednesday to close more than 1% higher, while weakness in oil
prices and renewed political tensions sent Thai stocks lower.
    Consumer and telecom stocks helped the key Jakarta stock
index post its fourth sessions of gains in five.
    "This (bargain hunting) is backed by subsided
tension of post-election situation and growing confidence of
further stability," said Anugerah Zamzami Nasr, an equity
research analyst with Phillip Sekuritas Indonesia.
    Telekomunikasi Indonesia and Unilever Indonesia
Tbk PT rose 2.4% and 2.1%, respectively. 
    Malaysian shares rose 0.8% to a near three-week high
in intraday trade before closing 0.6% higher.
    HSBC upgraded Malaysian stocks to "neutral" from
"underweight", stating the "economy looks resilient".
    "The market has strong defensive qualities, which would
reduce downside risks if trade tensions escalate," HSBC said in
a note. 
    This helped boost investor sentiment in Malaysian shares,
which had declined 4.5% this year as of Tuesday's close. 
    Index heavyweights Tenaga Nasional Bhd and IHH
Healthcare Bhd climbed 5.7% and 2.6%, respectively. 
    Philippine stocks gained 0.5%, underpinned by
    AP securities analyst Rachelle C Cruz said the absence of
significant outflows to China A shares after the MSCI EM index
rebalance helped boost investor sentiment.  
    Top industrial firms SM Investments Corp and JG
Summit Holdings Inc advanced 1.1% and 2.7%,
    Meanwhile, Thai stocks declined 0.8%, snapping three
straight sessions of gains. 
    The main opposition Pheu Thai urged other parties that
contested a March election to reject a coalition offer by a
pro-army party seeking to keep the ruling junta chief as prime
    Consumer and material stocks took a hit, while energy stocks
dipped on lower oil prices. Siam Cement PCL dipped
2.6%, while PTT PCL slid 1.6%.
    Singapore stocks closed marginally lower with
financials dragging down the index. DBS Group Holdings
and United Overseas Bank fell 0.4% and 0.8%,
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3163.28   3165.32         -0.06
 Bangkok                1619.36   1632.04         -0.78
 Manila                 7797.75   7761.29         0.47
 Jakarta                6104.106  6033.142        1.18
 Kuala Lumpur           1623.67   1614.57         0.56
 Ho Chi Minh            971.54    972             -0.05
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3163.28   3068.76         3.08
 Bangkok                1619.36   1563.88         3.55
 Manila                 7797.75   7,466.02        4.44
 Jakarta                6104.106  6,194.50        -1.46
 Kuala Lumpur           1623.67   1690.58         -3.96
 Ho Chi Minh            971.54    892.54          8.85
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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