May 8, 2020 / 10:35 AM / 21 days ago

SE Asia Stocks-Vietnam jumps on hopes of economy activity reviving; Philippines falls

    * Vietnam index marks best week since April 10
    * Ayala Land biggest loser in Philippines
    * Singapore Airlines sees FY net loss

    By Pranav A K
    May 8 (Reuters) - Vietnamese stocks jumped 2% on Friday on
news that the  Southeast Asian country was on course to revive
its economy much sooner than most others, while Philippines was
weighed down by telecom companies.
    Hanoi claimed it was successful in containing the virus as
it reported a relatively small 288 cases and zero deaths. It is
now positioning itself as a safe place to do business, with
local firms expecting a surge in foreign investment.

    Vietnamese shares closed up 2.2%, their highest level
since March 11. The index gained 5.8% for the week, their best
week since April 10.    
    Industrial companies Saigon Machinery Spare Parts
and Ben Thanh Trading & Service jumped about 7% each
and led gains in the benchmark.
    Philippine equities pared early gains to finish 0.6%
lower, after rising 0.3% in the previous session.
     Brokerage SB Equities pointed to profit taking in the
region as investors looked ahead to first-quarter earnings and
the government's quarantine plans post May 15.
    Pressuring the index, the country's largest mobile network
operator Globe Telecom fell 2.4% and 
telecommunications provider PLDT Inc dropped 1.6%.
    Singapore shares reversed early gains to end nearly
flat after index heavyweights, Oversea-Chinese Banking Corp
 and Singapore Airlines, reported dismal
results.
    The city-state's second-largest lender posted its lowest
quarterly profit in seven years, while the airlines forecast an
annual net loss for the first time ever. Their shares ended flat
after a volatile trading session.
    Indonesian shares closed nearly 0.3% lower as the
COVID-19 pandemic showed no signs of abating in the country.
    "Jakarta is concerned about the total economic hit that
Indonesia will suffer from the outbreak," said Jeffrey Halley,
senior market analyst at OANDA.
     "It lacks enough technicians and equipment to increase
testing and the Finance Minister this week said all of the gains
of the past decade could be wiped out."
 
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              2591.88  2591.6          0.01
 Bangkok                1266.02  1257.98         0.64
 Manila                 5621.94  5653.16         -0.55
 Jakarta                4597.43  4608.79         -0.25
 Kuala Lumpur           1382.31  1376.93         0.39
 Ho Chi Minh            813.73   796.54          2.16
                                                 
 Change so far in 2020                           
 Market                 Current  End 2019        Pct Move
 Singapore              2591.88  3222.83         -19.58
 Bangkok                1266.02  1579.84         -19.86
 Manila                 5621.94  7,815.26        -28.06
 Jakarta                4597.43  6,299.54        -27.02
 Kuala Lumpur           1382.31  1588.76         -12.99
 Ho Chi Minh            813.73   960.99          -15.32
 


 (Reporting by A K Pranav in Bengaluru; Editing by Amy Caren
Daniel)
  
Nuestros Estándares:Los principios Thomson Reuters
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