June 9, 2017 / 5:52 AM / 4 months ago

SE Asia Stocks-Edge up; fallout limited from UK elections

    By Chris Thomas
    June 9 (Reuters) - Most Southeast Asian stock markets rose
on Friday, largely shrugging off a shockingly bad election
result for British Prime Minister Theresa May that has plunged
the UK into political chaos days before the start of Brexit
talks.
    Sterling fell sharply, but with results still
pointing to May's Conservatives forming a minority government,
and analysts playing up the chances of a "softer" Brexit under
that or an alternative left-wing coalition under Labour leader
Jeremy Corbyn, the pound steadied.

    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan was up marginally as of 0525 GMT
after initially rising as much 0.3 percent.
    "The UK election is in line with market expectations that
Theresa May will win...Southeast Asian markets have already
priced in the (outcome of the) elections," said Rakpong
Chaisuparakul, a strategist with KGI Securities (Thailand). 
    The implications of a testimony by former FBI director James
Comey are more important to the region's markets, he said.
    Comey has accused U.S. President Donald Trump of firing him
to try to undermine the investigation into possible collusion by
Trump's campaign team with Russia's alleged efforts to influence
the 2016 election.
    In Southeast Asia, Philippine shares gained as much
as 0.9 percent, lifted by industrial and real estate stocks.
    SM Investments Corp climbed as much as 1.3 percent,
while SM Prime Holdings rose 1.6 percent.
    Singapore climbed as much as 0.5 percent to hit its
highest in more than three weeks, driven by financials.
    DBS Group Holdings, the city-state's biggest
lender, climbed 1.3 percent to a one-week high, while United
Overseas Bank gained 1.1 percent.
    Malaysian shares edged up 0.2 percent, shrugging off
April factory output data that missed expectations.
    Thai and Indonesian shares fell marginally.
    
       
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0541 GMT
    
  Market          Current      Previous Close    Pct Move
  Singapore       3248.52      3237.05           0.35
  Bangkok         1566.81      1570.28           -0.22
  Manila          7999.23      7958.63           0.51
  Jakarta         5689.354     5702.922          -0.24
  Kuala Lumpur    1789.21      1785.57           0.20
  Ho Chi Minh     751.55       750.13            0.19
                                                 
  Change on year                                 
  Market          Current      End 2016          Pct Move
  Singapore       3248.52      2880.76           12.77
  Bangkok         1566.81      1542.94           1.55
  Manila          7999.23      6840.64           16.94
  Jakarta         5689.354     5296.711          7.41
  Kuala Lumpur    1789.21      1641.73           8.98
  Ho Chi Minh     751.55       664.87            13.04
 

 (Reporting by Chris Thomas; Editing by Biju Dwarakanath)
  

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