April 19, 2018 / 10:32 AM / 5 months ago

SE Asia Stocks-Most up on oil, commodity gains; Philippines slides

    * Strong oil, commodity prices lift shares in most markets 
    * Malaysian shares post record closing high
    * Thai shares up for 8th winning session in 9 

    By Nikhil Nainan
    April 19 (Reuters) - Most Southeast Asian markets gained on
Thursday as strong commodity and oil prices buoyed sentiment,
while a selloff in the Philippines saw the index closing at it
lowest in nearly a year.
    Philippine shares pared earlier sharp losses to close
down 1.4 percent at its lowest since April 2017.
    The index is down over 10 percent so far this year, the
region's worst performer.
    SM Investments Corp and JG Summit Holdings Inc
 fell 2.2 percent and 3.9 percent, respectively.
    "In the past few days, we have been seeing heavy foreign
selling, reflecting market concerns about rising inflation.
Investors are waiting to see how the government will address
these concerns," said Jonathan Ravelas, chief market strategist
at BDO Unibank.
    Early this month, Governor Nestor Espenilla signalled a
near-term rate hike might be on the cards after inflation
accelerated at its fastest pace in five years in March.

    The large-scale selling seen in the past few days continued,
 with net foreign selling for the day at 2.66 billion pesos
($51.06 million).
    Broad-based losses in Vietnamese shares dragged the
index down 3.9 percent, extending losses for a fourth session in
five.
    Vingroup JSC plummeted 6.9 percent. On Tuesday,
sources indicated the company is looking to list its residential
property business, to raise as much $2 billion.
    Most resource stocks in other regional markets responded
positively to rising metal and oil prices, with MSCI's broadest
index of Asia-Pacific shares outside Japan
gaining 0.9 percent.
    Thai shares jumped 1.3 percent, up for an eighth
session in nine, on strong gains in oil-related stocks.
    PTT Exploration and Production PCL and PTT PCL
 rose 8.6 percent and 5.5 percent, respectively.
    Malaysian shares climbed 0.8 percent to mark a
record closing high. 
    "We remain positive on Malaysian equities in 2018... due to
solid macro and consumption growth, continuing foreign inflows
amidst positive earnings revisions, better corporate balance
sheets with dividend upside, election rally," said Tushar
Mohata, Nomura head of Malaysia equity research. 
    Nomura Research expects this upward trend to continue, and
forecast a target of 1,920 points for KLSE by year end.
    Singapore shares rose 1.2 percent to a 12-week high,
helped by robust gains in financials.
           
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3598.73   3557.82         1.15
 Bangkok            1794.94   1771.56         1.32
 Manila             7682.24   7793.13         -1.42
 Jakarta            6355.901  6320.005        0.57
 Kuala Lumpur       1895.18   1879.32         0.84
 Ho Chi Minh        1094.63   1138.53         -3.86
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3598.73   3402.92         5.75
 Bangkok            1794.94   1753.71         2.35
 Manila             7682.24   8558.42         -10.24
 Jakarta            6355.901  6355.654        0.00
 Kuala Lumpur       1895.18   1796.81         5.47
 Ho Chi Minh        1094.63   984.24          11.22
    
($1 = 52.0980 Philippine pesos)

 (Reporting by Nikhil Kurian Nainan; additional reporting by
Enrico Dela Cruz, Nicole Pinto and Liz Lee; Editing by Sunil
Nair)
  
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