May 31, 2018 / 4:38 AM / in 21 days

SE Asia Stocks-Most rise as Italy political turmoil eases

    * Malaysia shares rose as much as 2 pct in early trade
    * Indonesia, Philippines set to fall for fourth straight
month 

    By Nicole Pinto
    May 31 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, as concerns over government formation in Italy
eased a day after global financial markets were roiled on fears
another election could turn out to be a referendum on the
country's euro membership.
    Asian stocks rebounded and the euro enjoyed a respite after
sinking to its lowest in 10 months after the country's two main
anti-establishment parties renewed efforts to form a coalition
government.
    "For now, the political tension in Italy has waned but I
don't think it will dissipate," said Manny Cruz, an analyst with
Asiasec Equities Inc. "The political turmoil in the euro zone
will continue to persist until a new coalition government is
formed by July." 
    The prospect of early elections in Spain could trigger more
uncertainty in the euro zone, Cruz added.
    In Southeast Asia, Malaysia gained as much as 2.1
percent in early trade, but was on track to end the month lower.
    Utilities and financials rose, with Tenaga Nasional
 up 7.9 percent and CIMB Group Holdings
climbing 2.4 percent. 
    Philippine shares rose as much as 0.9 percent, with
Bank of the Philippine Islands notching up gains of
nearly 2 percent. The country's benchmark index is, however,
headed to decline for a fourth straight month. 
    The Indonesian index extended losses from the
previous session to fall 0.7 percent, and was set to post a
fourth straight month of losses. 
    Shares snapped five sessions of gains on Wednesday after the
country's central bank raised its key interest rate for the
second time in two weeks, and flagged more possible hikes.

    Telekomunikasi Indonesia slipped 1.1 percent,
while Indocement Tunggal Prakarsa Tbk PT shed 4.2
percent.
    Singapore edged up, while Vietnam climbed 1.6
percent.
    Thai shares ticked up ahead of April trade data
expected later in the day. 
    
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SOUTHEAST ASIAN STOCK MARKETS: Change as at 3:58 GMT
  STOCK MARKETS                                        
                   Current       Previous     Pct Move
                                 Close        
  Singapore        3451.46       3443.95      0.22
  Bangkok          1726.94       1725.14      0.10
  Manila           7497.81       7470.14      0.37
  Jakarta          5969.209      6011.055     -0.70
  Kuala Lumpur     1728.61       1719.28      0.54
  Ho Chi Minh      964.09        948.5        1.64
                                              
  Change on year                              
  Market           Current       End 2017     Pct Move
  Singapore        3451.46       3402.92      1.43
  Bangkok          1726.94       1753.71      -1.53
  Manila           7497.81       8558.42      -12.39
  Jakarta          5969.209      6355.654     -6.08
  Kuala Lumpur     1728.61       1796.81      -3.80
  Ho Chi Minh      964.09        984.24       -2.05
 


 (Reporting by Nicole Pinto, additional reporting by Mensholong
Lepcha; Editing by Biju Dwarakanath)
  
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