May 11, 2018 / 4:40 AM / 12 days ago

SE Asia Stocks-Philippines, Indonesia rise 2 pct

    * Philippines posts biggest intraday gain in over 7 wks
    * Indonesian index of 45 most liquid stocks up 2.3 pct
    * Thailand snaps six sessions of losses

    By Karthika Suresh Namboothiri
    May 11 (Reuters) - Southeast Asian stock markets, except
Vietnam, rose on Friday, with Philippines and Indonesia climbing
2 percent each as sentiment was buoyed after a softer U.S.
inflation print hinted at fewer rate hikes by the Federal
Reserve this year.
    The slower-than-expected April consumer price rises followed
payrolls data last week which pointed to sluggish wage growth.
    Asia shares ex-Japan rose nearly 1 percent,
with investors also cheering U.S.-North Korean steps to further
ease tensions on the Korean Peninsula.
    In Southeast Asia, the Philippine index rose as much
as 2.5 percent, its biggest intraday gain in over seven weeks.
    Power generator Aboitiz Equity ventures was up 5.1 
percent, while BDO Unibank gained as much as 4.5
percent.
    The Philippine central bank raised its benchmark interest
rate by 25 basis points after market-close on Thursday, for the
first time in more than three years, to contain inflationary
pressure amid strong economic growth.
    "Most analysts were citing that recent inflation figures
have in a way signalled that the BSP (Bangko Sentral ng
Pilipinas) might be behind the curve, so it was viewed
positively by the markets today," said Lexter Azurin, a senior
equity analyst at Manila-based AB Capital Securities.
    The Indonesian index soared as much as 2 percent on
broad-based gains. 
    Mining contractor United Tractors jumped as much
as 8.5 percent, while Bank Negara Indonesia gained as
much as 6 percent and Bank Mandiri rose as much as 4.2
percent.
    Indonesia's central bank said on Wednesday it was
intervening in the markets to support the rupiah, which has been
at its weakest in 2-1/2 years, and was preparing to adjust its
benchmark interest rate.
    An index of the country's 45 most liquid stocks
was up 2.3 percent.
    Singapore climbed as much as 0.7 percent, with
financials boosting the index. United Overseas Bank Ltd
 rose as much as 1.9 percent. 
    Thai shares edged up after six sessions of losses,
while Vietnam shed more than 1 percent, with industrials
and financials leading the losers.  
    Malaysia was closed for a public holiday after
general elections.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0422 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3557.86   3537.59         0.57
 Bangkok            1749.75   1746.89         0.16
 Manila             7748.33   7571            2.34
 Jakarta            6018.441  5907.938        1.87
 Ho Chi Minh        1016.79   1028.87         -1.17
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3557.86   3402.92         4.55
 Bangkok            1749.75   1753.71         -0.23
 Manila             7748.33   8558.42         -9.47
 Jakarta            6018.441  6355.654        -5.31
 Ho Chi Minh        1016.79   984.24          3.31
 

 (Reporting by Karthika Suresh Namboothiri; additional reporting
by Devika Syamnath; Editing by Biju Dwarakanath)
  
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