August 6, 2018 / 4:46 AM / 10 months ago

SE Asia Stocks-Indonesia hits 2-month high on upbeat GDP data

    * Singapore's OCBC boosts index after upbeat Q2 earnings
    * Indonesia's Q2 GDP growth rate at 5.27 pct y/y, beats

    By Karthika Suresh Namboothiri
    Aug 6 (Reuters) - Philippine and Vietnam shares were subdued
on Monday, while other Southeast Asian markets traded higher in
line with broader Asian peers, with Indonesia camping near a
two-month peak boosted by robust GDP figures. 
    Asia shares ex-Japan rose 0.9 percent in
early trade after the People's Bank of China (PBoC) on Friday
raised the reserve requirement on foreign exchange forward
positions, making it more expensive to bet against the Chinese
    Although the PBoC had implemented a 20-percent reserve in
2015, it had failed to stop the RMB from weakening further. "It
is a strong signal. China will not hesitate to intervene in the
market should the currency depreciation risk the financial
stability," OCBC Bank said.
    However, escalating trade friction between two of the
biggest economies - the United States and China - curbed further
gains in the regional markets.
    "The risk of escalation of trade war may cap gains of RMB
following the announcement of PBoC to impose 20 percent reserve
ratio for long dollar forward position," OCBC Bank said.
    Indonesia's economic growth rate in the second quarter was
5.27 percent, higher than expected and at the strongest pace
since 2013, statistics bureau data showed. A Reuters poll had
forecast a pace of 5.16 percent for April-June.

    Shares in Southeast Asia's largest economy climbed
to their highest in two months, underpinned by gains in consumer
and telecom stocks.
    Astra International rose up to 4.9 percent, while
Telekom Indonesia gained as much as 4.6 percent.  
    An index of the country's 45 most liquid stocks
advanced 2 percent.  
    Singaporean shares recovered from previous session's
losses to mark their biggest jump in nearly two weeks. 
    Shares of Oversea-Chinese Banking Corp were the
biggest boost on the bourse, jumping as much as 3.3 percent. The
financial services company beat market expectations with a 16
percent rise in quarterly profits.
    Thai shares inched higher with PTT Public Co
 rising as much as 1 percent on the back of stronger oil
prices, while Kasikornbank Public Co climbed up to
1.9 percent.
    Meanwhile, Philippine shares shed recent gains to
edge lower, with industrials leading the decline; and Malaysian
stocks edged lower as losses in telecom stocks
outweighed gains in other sectors. Digi.Com Bhd lost
over 1 percent.
For Asian Companies click;  

 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3291.85   3265.73         0.80
 Bangkok            1712.58   1712.09         0.03
 Manila             7802.07   7819.39         -0.22
 Jakarta            6090.111  6007.538        1.37
 Kuala Lumpur       1778.54   1780.09         -0.09
 Ho Chi Minh        957.44    959.6           -0.23
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3291.85   3402.92         -3.26
 Bangkok            1712.58   1753.71         -2.35
 Manila             7802.07   8558.42         -8.84
 Jakarta            6090.111  6355.654        -4.18
 Kuala Lumpur       1778.54   1796.81         -1.02
 Ho Chi Minh        957.44    984.24          -2.72
 (Reporting by Karthika Suresh Namboothiri, Editing by Sherry
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