May 21, 2019 / 9:49 AM / a month ago

SE Asia Stocks-Indonesia climbs on Widodo election win; Singapore falls on growth forecast cut

    * Singapore hits lowest closing level since March 25
    * Thai customs-cleared trade data due Wednesday
    * Vietnam snaps 7 straight sessions of gains

    By Niyati Shetty
    May 21 (Reuters) - Indonesian equities ended higher on
Tuesday as investors cheered incumbent President Joko Widodo's
election win, while Singapore stocks hit a 2-month closing low
on grim growth outlook. 
    The Jakarta index extended gains for a second
session, rising 0.8%, boosted by financial and material sectors.
    Bank Central Asia Tbk PT and PT Indah Kiat Pulp &
Paper Tbk rose 1.5% and 7.7%, respectively. 
    Official election results of the world's third-largest
democracy confirmed unofficial counts that had predicted
Widodo's victory over rival Prabowo Subianto.
    The opposition, however, has refused to concede defeat after
claiming widespread cheating. 
    The index of the country's 45 most-liquid stocks
gained 0.9%. 
    Meanwhile, Singapore stocks declined 0.7% as the
country downgraded its 2019 growth forecast after data released
earlier in the day showed economic growth in the first quarter
slipped to the lowest in nearly a decade.
    Policymakers cut annual growth outlook to 1.5%-2.5% from
1.5%-3.5% previously. 
    DBS Bank in a note said that while they expect to see
gradual improvement going forward, they note that "the downside
risk has heightened and the new set of figures has also shed
more light on the underlying weakness of the economy."
    Adding to the region's growth concerns, data from Thailand
showed the country's economy grew at its slowest pace in more
than four years in the first three months of the year, owing to
a drop in exports and public investment.
    Thai stocks ended slightly higher, supported by
gains in financial and communication stocks. 
    Siam Commercial Bank PCL advanced 2.1%, while
Advanced Info Service PCL rose 1.6%.
    Investors also await Thailand's customs-cleared trade data
due on Wednesday. According to a Reuters poll, annual exports in
April may have contracted 2.5% after decreasing 4.88% in the
previous month.
    Elsewhere, Philippine shares climbed 0.8%, extending
gains for a third session, buoyed by industrials and
communication services stocks. 
    Conglomerate SM Investments Corp rose 2% and telecom
firm PLDT Inc added 2.6%.     
    The Vietnam index snapped seven straight sessions of
gains to end marginally lower on Tuesday. 
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Market                 Current   Previous close  Pct Move
 Singapore              3183.26   3205.46         -0.69
 Bangkok                1610.49   1608.11         0.15
 Manila                 7721.56   7660.14         0.80
 Jakarta                5951.372  5907.121        0.75
 Kuala Lumpur           1603.74   1605.36         -0.10
 Ho Chi Minh            986.29    987.13          -0.09
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3183.26   3068.76         3.73
 Bangkok                1610.49   1563.88         2.98
 Manila                 7721.56   7,466.02        3.42
 Jakarta                5951.372  6,194.50        -3.92
 Kuala Lumpur           1603.74   1690.58         -5.14
 Ho Chi Minh            986.29    892.54          10.50
 
 (Reporting by Niyati Shetty in Bengaluru; Editing by Shreejay
Sinha)
  
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