April 29, 2019 / 10:06 AM / 2 months ago

SE Asia Stocks-Most rise on strong U.S. and China data; Singapore outperforms

    * Financials lead rally in Singapore, Indonesia
    * Investors now eye China factory data, Fed meet

    By Aditya Soni
    April 29 (Reuters) - Most Southeast Asian stock markets rose
on Monday, in line with broader Asia, as investors cheered
upbeat economic data from the United States and China, with
Singapore closing at a near 11-month high after DBS Group posted
a record quarterly profit. 
    The MSCI's broadest index of Asia-Pacific shares outside
Japan gained 0.38 percent as concerns about the
global economy eased after data showed that profits at China's
industrial firms grew in March after four months of contraction.
    "China's strong industrial profits in March matched with
strong credit growth, and we think this should last for the rest
of 2019," Iris Pang, Greater China economist at ING Wholesale
Banking said in a client note.
    Risk sentiment was also supported by a strong U.S. economic
growth in the first quarter. 
    Singapore shares had their best day in nearly 4
months, rising 1.5 percent and leading gains in the region as
financials surged in the wake of record profit at Southeast
Asia's biggest lender DBS Group Holdings Ltd. 
    DBS Group on Monday reported its highest-ever quarterly
profit, beating estimates and sending its shares 3.6 percent
higher to a near 11-month peak.
    The lender's peers Oversea-Chinese Banking Corp Ltd
 and United Overseas Bank Ltd firmed to
almost 11-month peak and near 9-month high, respectively.
    Investors will now eye a U.S. Federal Reserve meeting and
Chinese factory data due this week for further cues about the
health of the global economy.  
    "U.S. data has been on a roll this year since the Fed's
dovish turn, and traders will be nervously watching for changes
in its dovish outlook," said Jeffrey Halley, senior market
analyst, OANDA.
    Indonesian shares advanced 0.4 percent, with
financials underpinning the gains in Southeast Asia's largest
economy as well. 
    Bank Central Asia Tbk PT gained 1.2 percent and
was the biggest boost to the benchmark, while Bank Mandiri
(Persero) Tbk PT added 0.7 percent. 
    Philippine shares rose 0.4 percent, with Aboitiz
Equity Ventures Inc gaining 3.3 percent to a near
two-week high. 
    Elsewhere, Thai shares and Malaysian stocks
ended little changed. 
    Vietnam markets were closed for a regional holiday.
    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS 
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3407.02   3356.95         1.49
 Bangkok            1666.68   1667.15         -0.03
 Manila             7897.02   7868.28         0.37
 Jakarta            6425.895  6401.08         0.39
 Kuala Lumpur       1637.4    1638.38         -0.06
                                              
 Change on year                               
 Market             Current   End 2018        Pct Move
 Singapore          3407.02   3068.76         11.02
 Bangkok            1666.68   1563.88         6.57
 Manila             7897.02   7466.02         5.77
 Jakarta            6425.895  6194.498        3.74
 Kuala Lumpur       1637.4    1690.58         -3.15
 Ho Chi Minh        979.64    892.54          9.76
 
 (Reporting by Aditya Soni in Bengaluru; Editing by Shreejay
Sinha)
  
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