April 27, 2018 / 10:22 AM / 3 months ago

SE Asia Stocks-Climb on Korean peace hopes, Indonesia recovers

    * Jakarta index posts biggest weekly fall in about 5 yrs
    * Vietnam falls 6 pct over the week

    By Sumeet Gaikwad
    April 27 (Reuters) - Southeast Asian stock markets rose on
Friday after U.S. treasury yields receded from recent highs,
while the Korean leaders' pledge to pursue a peace deal eased
geopolitical tensions, boosting investor confidence.
    The two Koreas announced they would work with the United
States and China this year to declare an official end to the
1950s Korean war and seek an agreement to establish "permanent"
and "solid" peace in its place.
    "The markets are continuing to buy into this drop in the
geopolitical risk in the region, which in my view from an equity
perspective, is massively amazing," said Stephen Innes, head of
trading for Asia Pacific, Oanda.
    The Indonesia index snapped five straight sessions
of declines to close 0.2 percent higher but posted its biggest
weekly loss in nearly five years.
    Indonesian central bank governor said on Thursday he would
be prepared to adjust the benchmark interest rate if weakness in
the rupiah currency threatened Indonesia's inflation
target or the stability of the financial system.
    The country's index of 45 most liquid stocks was
up 0.25 percent, but ended the week with an 8.6 percent loss.
    Malaysian shares closed 0.6 percent higher but the
index fell 1.3 percent in the week.
    Financials and telecom stocks pushed the index upwards with
Axiata Group gaining the most in over a month while
Malayan Banking hit an all-time high during the day.
    Singapore stocks were subdued but ended the session
on a positive note.
    Philippine stocks ended 1.4 percent higher led by
gains in industrial and financial stocks. The index was little
changed over the week.
    Index heavyweights SM Investments Corp rose 2.7
percent while Ayala Corp gained 3.2 percent. 
    Vietnam shares closed 0.5 percent higher. The index,
with a market capitalisation of $140 billion, fell over 6
percent this week. Analysts attributed this to profit-taking and
that the correction will be short-lived.
    Thai stocks rose 0.3 percent but lost 1.3 percent
for the week.
  
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3577.21   3570.02         0.20
 Bangkok         1778.02   1773.2          0.27
 Manila          7721.02   7617.42         1.36
 Jakarta         5919.238  5909.198        0.17
 Kuala Lumpur    1863.47   1852.27         0.60
 Ho Chi Minh     1050.26   1044.86         0.52
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3577.21   3402.92         5.12
 Bangkok         1778.02   1753.71         1.39
 Manila          7721.02   8558.42         -9.78
 Jakarta         5919.238  6355.654        -6.87
 Kuala Lumpur    1863.47   1796.81         3.71
 Ho Chi Minh     1050.26   984.24          6.71
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Gopakumar
Warrier)
  
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