SE Asia Stocks -Malaysia hits record high after strong GDP; Others up

Mon May 19, 2014 3:09am EDT

Related Topics

May 19 (Reuters) - Malaysian shares hit a record high on
Monday after the country's economic growth came in above
expectations in the first quarter, while other Southeast Asian
markets mostly edged up, shrugging off concerns over China's
sluggish growth.
    Malaysia's stock index hit an all-time high of
1,888.85 points in early trading, surpassing its previous peak
of 1,883.34 hit on Friday. 
    Malaysia's annual economic growth picked up in the first
quarter to its fastest in more than a year, lifted by strong
exports and consumer spending that could spur the central bank
to raise rates for the first time in three years. 
    Shares of plantations-to-motoring conglomerate Sime Darby
Bhd gained 1.8 percent, while largest electricity
utility Tenaga Nasional Bhd rose 1 percent. 
    However, Malaysian Airline System Bhd (MAS) shares
fell 18.4 percent to a record low on Monday, its second day of
sharp declines. The airline said on Thursday that a sharp drop
in passenger traffic was likely to prevent it from returning to
profit this year. 
    Other Southeast Asian markets traded slightly firmer despite
the rest of Asia being led down by China on concerns of slower
growth in the world's second-biggest economy. 
    Thailand's SET index rose 0.3 percent to its highest
since May 6 despite data showing the country's economy shrank
more than expected as exports remained weak and domestic
activity was battered by months of political unrest.
 
    Regional analysts said concerns around political uncertainty
could dent sentiment in risky assets and push the country into a
recession. 
    Jakarta Composite Index was up 0.1 percent as
Indonesia's forerunner in the July presidential election, Joko
"Jokowi" Widodo, picked popular former vice-president Jusuf
Kalla as his running mate. Kalla is seen as bringing strong
business credentials to the presidential ticket. 
    Philippines outperformed the region with 0.9 percent
gain, while Singapore was steady. Vietnam rose
0.3 percent. 
    
For Asian Companies click;  
For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0623 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   426.14        423.90       +0.53
 Singapore          3262.58       3262.59       +0.00
 Kuala Lumpur       1888.07       1883.34       +0.25
 Bangkok            1409.15       1405.26       +0.28
 Jakarta            5034.00       5031.57       +0.05
 Manila             6876.14       6817.71       +0.86
 Ho Chi Minh         530.92        529.49       +0.27
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.    

 (Reporting by Shihar Aneez; Editing by Prateek Chatterjee)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.