May 31, 2017 / 5:34 AM / 2 months ago

SE Asia Stocks-Most gain in line with broader Asia on China factory data

4 Min Read

    By Chris Thomas
    May 31 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, tracking broader Asia, as investors took heart
from data showing factory activity in China grew steadily in
May, beating expectations of a slowdown.
    The manufacturing sector in the world's second largest
economy grew faster than expected in May as activity in the
steel industry rebounded sharply, an official survey showed.

    The official Purchasing Managers' Index (PMI) held up at
51.2 in May, in line with April's number, while analysts polled
by Reuters had predicted a reading of 51.0.
    While China's PMI data has had a short-term effect on
Southeast Asian markets, it does not look like a game changer,
said Taye Shim, head of research at Jakarta-based Mirae Asset
Sekuritas, adding that most market participants were on the
sidelines ahead of the U.S. jobs report due on Friday.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 0.2 percent, with certain Chinese stocks
leading the region higher as investors returned from a long
holiday.
    Singapore shares were up after three straight
sessions of falls, with financial and consumer goods stocks
leading the gains. 
    Rating agency Moody's Investors Service raised its outlook
on Singapore's banks to stable from negative, saying loan growth
would increase mildly but be sustained by the system's strong
capital, funding and liquidity buffers. bit.ly/2rCmc9E
    Oversea-Chinese Banking Corp, the city-state's
second biggest lender, rose to its highest in nearly a week,
while DBS Group hit a three-week low.
    Beer manufacturer Thai Beverage Pcl rose as much
as 5.4 percent to a two-week high and was the biggest
contributor to the index's gains.
    Thai shares shrugged off disappointment over April
factory output data and rose to their highest in six weeks,
driven by industrial and energy stocks.
    Thailand's industrial output contracted more than expected
last month, due mainly to lower production of cars and
jewellery, suggesting economic recovery remains fragile.

    Indonesian shares rose as much as 0.5 percent, with
heavyweight Unilever Indonesia Tbk PT driving the
gains.
    Meanwhile, Philippine shares were headed for a second
straight session of falls, dragged down by telecom company PLDT
Inc and Ayala Land. PLDT declined nearly 1.9
percent, while Ayala Land fell to its lowest in nearly a week.  

    
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0453 GMT
        
  Market          Current      Previous Close   Pct Move
  Singapore       3210.31      3204.79          0.17
  Bangkok         1571.77      1568.57          0.20
  Manila          7838.42      7860.77          -0.28
  Jakarta         5715.169     5693.391         0.38
  Kuala Lumpur    1764.97      1765.34          -0.02
  Ho Chi Minh     739.13       738.21           0.12
                                                
  Change on year                                
  Market          Current      End 2016         Pct Move
  Singapore       3210.31      2880.76          11.44
  Bangkok         1571.77      1542.94          1.87
  Manila          7838.42      6840.64          14.59
  Jakarta         5715.169     5296.711         7.90
  Kuala Lumpur    1764.97      1641.73          7.51
  Ho Chi Minh     739.13       664.87           11.17
 
 (Reporting by Chris Thomas; Editing by Subhranshu Sahu)
  

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