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SE Asia Stocks -Up on global economic growth hopes; Malaysia at record high
June 24, 2014 / 11:18 AM / in 3 years

SE Asia Stocks -Up on global economic growth hopes; Malaysia at record high

June 24 (Reuters) - Malaysian stocks rose to a record high
on Tuesday tracking Asian markets, bolstered by encouraging
manufacturing data from China, Japan, and the United States that
pointed to a recovery in global economic growth.
    Other Southeast Asian stock indexes also gained after
manufacturing surveys, leading indicators of output trends,
showed factory activity in the U.S., China and Japan rose
strongly in May. 
    The Malaysian index gained 0.4 percent to an
all-time high of 1,892.33 points, surpassing its previous record
of 1,889.47 hit on May 19. 
    Kuala Lumpur saw a net foreign inflow of $25.54 million.  
    Thai shares, however, underperformed the region, falling 0.5
percent with foreign outflows of $6.25 million. Energy shares
led the fall as oil eased from recent nine-month highs. 
    Banks also contributed to the fall as most Thai lenders
reported a drop in loan growth in May. 
    In Jakarta, analysts said market players expected shares to
fall on political uncertainty as Southeast Asia's largest
economy goes in for presidential polls next month. 
    "The market is quiet and uncertain following presidential
debate and the gap between the two candidates is very close
based on several surveys," said John Teja, director of
Jakarta-based broker Ciptadana Securities.
    "I think the market will pull back down in the short term on
rupiah weakness, higher oil prices and tight presidential race."
    Shares of PT Bumi Resources Tbk surged nearly 21.4
percent after a sharp sell-off the previous day that saw it
hitting a 11-year low, on concerns about the coal miner's
ability to repay debt. 
    In Singapore, commodities trader Olam International Ltd
, ended 0.41 percent firmer after it said it had sold
an 80 percent stake in its Australian grains business to Japan's
Mitsubishi Corp for $64 million.
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 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   424.72        423.97       +0.18
 Singapore          3262.03       3257.40       +0.14
 Kuala Lumpur       1892.33       1883.96       +0.44
 Bangkok            1460.92       1468.70       -0.53
 Jakarta            4862.24       4842.13       +0.42
 Manila             6793.07       6761.99       +0.46
 Ho Chi Minh         569.74        565.92       +0.68
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   424.72        388.37       +9.36
 Singapore          3262.03       3167.43       +2.99
 Kuala Lumpur       1892.33       1866.96       +1.36
 Bangkok            1460.92       1298.71      +12.49
 Jakarta            4862.24       4274.18      +13.76
 Manila             6793.07       5889.83      +15.34
 Ho Chi Minh         569.74        504.63      +12.90
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
($1 = 3.2170 Malaysian ringgit)
($1 = 32.3500 Thai baht)
($1 = 11790.0000 rupiah)

 (Reporting by Shihar Aneez in Colombo; Editing by Sunil Nair)

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