November 29, 2018 / 10:27 AM / 18 days ago

SE Asia Stocks-Indonesia jumps most in nearly 5 months; Philippines reverses course

    * Indonesia closes at 7-month high in broad-based gains
    * Philippines loses ground in last few minutes

    By Shreya Mariam Job
    Nov 29 (Reuters) - Indonesian shares jumped the most in
about five months on Thursday as comments by U.S. Federal
Reserve Chair Jerome Powell buoyed investor sentiment toward
riskier assets, while Philippine stocks pulled back from a near
11-week top to close slightly lower.
    The Jakarta SE Composite Index rose 1.9 percent to a
seven-month closing high, helped by gains across the board.
    The unexpected signals from Fed chair's comments and the
surprise rate hike by Indonesia's central bank earlier this
month are the reasons behind heavy gains, said Taye Shim, head
of research at Mirae Asset Sekuritas.
    "Indonesia was the most hurt markets during the (U.S.) rate
hike agenda… I think the market seems to be reassessing its
investment view of Indonesia and the overall emerging market,"
he said.
    Powell said on Wednesday the central bank's policy rate is
now "just below" estimates of a level that neither brakes nor
boosts a healthy U.S. economy, which many investors read as a
signal that the Fed's three-year tightening cycle is drawing to
a close.
    Indonesia's central bank earlier this month had raised its
benchmark interest rate for the sixth time this year to shore up
the rupiah.
    Bank Central Asia Tbk PT rose 3 percent and
Unilever Indonesia Tbk PT climbed 4 percent, making
them the top gainers on the benchmark index.
    The Philippine Stock Exchange PSEi Index rose 1.4
percent intraday before erasing all of its gains in the last few
minutes of trade.  
    "Today is the last trading day of the month and it coincides
with the effectivity of the MSCI balancing for this quarter,"
said Charles William Ang, an associate analyst with COL
Financial Group Inc. The Philippine stock market is closed on
Friday for a holiday. 
    Aboitiz Equity Ventures Inc dropped 4.2 percent,
while Metropolitan Bank and Trust Co slipped 1.7
percent. 
    Meanwhile, investor sentiment was also subdued ahead of
high-stakes trade talks between U.S. President Donald Trump and
his Chinese counterpart Xi Jinping on Saturday on the sidelines
of the G20 summit in Argentina.
    Singapore shares closed 0.5 percent firmer after
gaining 1.2 percent earlier to a more than seven-week high. City
Developments Ltd rose 2.2 percent and Venture
Corporation Ltd climbed 0.1 percent.
    Malaysian stocks rose 1 percent before cutting gains
to close 0.6 percent higher. IHH Healthcare Bhd gained
4.8 percent, while Axiata group Bhd rose 4.1 percent.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3109.44   3094.48         0.48
 Bangkok            1636.49   1640.63         -0.25
 Manila             7367.85   7382.43         -0.20
 Jakarta            6107.168  5991.246        1.93
 Kuala Lumpur       1696.34   1686.55         0.58
 Ho Chi Minh        926.79    930.2           -0.37
                                              
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3109.44   3402.92         -8.62
 Bangkok            1636.49   1753.71         -6.68
 Manila             7367.85   8,558.42        -13.91
 Jakarta            6107.168  6,355.65        -3.91
 Kuala Lumpur       1696.34   1796.81         -5.59
 Ho Chi Minh        926.79    984.24          -5.84
                                              
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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