May 8, 2018 / 4:39 AM / 4 months ago

SE Asia Stocks-Most rise tracking Asia on upbeat tech stocks

    * Philippines posts best intraday gain in 1 week
    * Indonesia's index of 45 most liquid stocks down 2.7 pct

    By Karthika Suresh Namboothiri
    May 8 (Reuters) - Most Southeast Asian stocks rose on
Tuesday, in line with broader Asian peers that firmed on
resilience in technology stocks, with Singapore and Malaysia
snapping at least three days of losses and Philippine shares
gaining more than 1 percent.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained 0.6 percent, with information technology
shares rising 1.4 percent.
    Philippine shares climbed 1.1 percent, their biggest
intraday gain in over one week. Real estate stocks SM
Investments Corp rose as much as 1.7 percent, while 
Ayala Land was up 2.5 percent ahead of their quarterly
results later in the day. 
    "The market is positive about the upcoming GDP report...,"
said Jose L. Vistan, research head at AB Capital Securities.
    The Philippines was one of Asia's fastest-growing economies
in 2017, expanding 6.7 percent, on strong domestic demand,
exports and government spending and momentum is expected to
continue this year.
    "We should do 7 percent (GDP growth rate) or possibly even
better. So, investors are positioning for that," Vistan said.
    Singapore snapped three straight sessions of losses,
with industrials pushing up the index. Jardine Strategic
Holdings gained as much as 3 percent, while Venture
Corp climbed 4.6 percent.
    Indonesia's main index lost as much as 2.1 percent
to a near nine-month low after the growth pace of Southeast
Asia's largest economy fell slightly in January-March from the
previous quarter.
    An index of the country's 45 most liquid stocks
fell 2.7 percent.
    The Indonesian rupiah dropped to its lowest against
the dollar in more than two years. Data from Bank Indonesia also
showed that foreign investors held about 39 percent of
Indonesian government bonds as at the end of March.
    Emerging markets have come under pressure of late from
foreign outflows as rising U.S. treasury bond yields reduced
investor appetite for riskier asset classes.
    "With improving fundamentals, we think extended positioning
amid higher U.S. Treasury yields and US dollar were the main
drivers," Morgan Stanley said in a note  
    "Higher volatility is likely to stay yet we push back
against the notion that EM (emerging market) is no longer an
attractive asset class."  
    Malaysian shares snapped four sessions of losses to
rise 0.7 percent, led by financials. 
    The market is closed on Wednesday for general elections.
    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0437 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3544.88   3532.86         0.34
 Bangkok            1769.17   1779.8          -0.60
 Manila             7603.16   7533.28         0.93
 Jakarta            5765.088  5885.098        -2.04
 Kuala Lumpur       1841.6    1828.2          0.73
 Ho Chi Minh        1066.02   1062.26         0.35
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3544.88   3402.92         4.17
 Bangkok            1769.17   1753.71         0.88
 Manila             7603.16   8558.42         -11.16
 Jakarta            5765.088  6355.654        -9.29
 Kuala Lumpur       1841.6    1796.81         2.49
 Ho Chi Minh        1066.02   984.24          8.31
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Biju
Dwarakanath)
  
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