January 14, 2019 / 10:06 AM / 7 months ago

SE Asia Stocks-Philippines jumps to 9-month closing high; others fall on China trade shock

    * China's export slump jolts investor sentiment
    * Singapore snaps 6 straight sessions of gains

    By Shreya Mariam Job
    Jan 14 (Reuters) - Philippine shares jumped 1.5 percent on
Monday to a nine-month closing high, driven by a recovery in
financials, while other Southeast Asian markets fell in line
with broader Asia after a shock contraction in Chinese exports
raised fears of a sharper slowdown in global growth. 
    The key Philippine stock index bounced back from
early falls to close higher for a third session in four.
    Financials dragged the benchmark index lower on Friday after
reports that the Philippine unit of South Korean shipbuilder
Hanjin Heavy Industries & Construction Co Ltd, Subic
Shipyard, had filed for court rehabilitation proceedings,
leaving top lenders in the archipelago to cover the fallout.
    "I guess investors realised that it was an overreaction.
They are performing quite strongly right now… Financials are one
of the strongest stocks today," said April Lee Tan, head of
research at COL Financial Group.
    Bank of the Philippine Islands and Metropolitan
Bank and Trust Co rose 2.1 percent and 2.6 percent,
    Meanwhile, China trade shock rattled other markets in the
region. China's exports unexpectedly fell the most in two years
in December, while imports also contracted, pointing to further
weakness in the world's second-largest economy in 2019 and
deteriorating global demand. 
    Thai stocks led the decline in the region with a 0.9
percent drop, hurt largely by energy stocks. 
    PTT Pcl shed 3.1 percent, while Indorama Ventures
PCL dropped 8.9 percent.
    Singapore stocks snapped six straight sessions of
gains to close 0.8 percent lower, hurt by utilities and
    Jardine Strategic Holdings Ltd slipped 2.3 percent,
while Singapore Telecommunications Ltd dropped 1.6
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3173.46   3198.65         -0.79
 Bangkok                1582.57   1597.04         -0.91
 Manila                 8024.14   7904.09         1.52
 Jakarta                6336.116  6361.465        -0.40
 Kuala Lumpur           1676.16   1683.22         -0.42
 Ho Chi Minh            901.8     902.71          -0.10
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3173.46   3068.76         3.41
 Bangkok                1582.57   1563.88         1.20
 Manila                 8024.14   7,466.02        7.48
 Jakarta                6336.116  6,194.50        2.29
 Kuala Lumpur           1676.16   1690.58         -0.85
 Ho Chi Minh            901.8     892.54          1.04
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
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