July 2, 2019 / 10:20 AM / 2 months ago

SE Asia Stocks-Philippines rises on last-minute buying; growth worries cap gains

    * Singapore rebounds from early losses to end steady 
    * Indonesia gains dented by World Bank forecast cut -
analyst
    * Thailand dragged by energy stocks as oil prices dip

    By Rashmi Ashok
    July 2 (Reuters) - The Philippine index led gains in the
region on Tuesday, boosted by last-minute buying in large-cap
stocks, followed by Malaysian shares, while other Southeast
Asian stock markets were subdued as lacklustre data stoked
worries about economic slowdown.    
    Disappointing manufacturing activity data for June from
various countries on Monday reflected signs of slowing economies
with activity across the United States and Europe sharply
slowing, while regional PMI data also missed the mark.
    Philippine stocks saw a spurt of buying among
large-cap stocks just a few minutes before close. The index was
the top gainer in the region, ending 0.6% higher, after a
lacklustre performance for most of the session.
    Investors purchased shares of index heavyweights such as JG
Summit Holdings, Aboitiz Power Corp and SM
Investments Corp ahead of session close. Shares of JG
Summit jumped about 1.5% in the last 10 minutes of Tuesday's
trade to close 1.8% higher.
    Malaysian stocks held on to early gains to end
higher, with tourist electric utilities provider Tenaga Nasional
 adding 1.9%, while telco Axiata Group closed
1% firmer.
    Meanwhile, Indonesian stocks flitted through the
session, but ended slightly firmer.
    "Despite good news revolving around trade talks and the G20
meeting, the upside move today seems to be limited after World
Bank cut Indonesia's economic growth forecast to 5.1% from 5.2%
(in 2019)," said Anugerah Zamzami Nasr, equity research analyst,
PT Phillip Sekuritas Indonesia. 
    "Risks to Indonesia's growth projection have increased with
the recent re-escalation of global tensions that could further
weigh on world trade," a World Bank report added. bit.ly/2KTbIwq
    Singapore shares rebounded from early losses to end
flat as gains in large-caps - Jardine Matheson Holdings
 and Jardine Strategic Holdings - helped the
index recover.
    Vietnam's index closed lower, dragged by financial
stocks, while Thai shares were dented by losses in
energy stocks after crude prices dropped.
    
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3370.8    3372.26         -0.04
 Bangkok                1732.23   1740.91         -0.50
 Manila                 8093.6    8043.71         0.62
 Jakarta                6384.898  6379.688        0.08
 Kuala Lumpur           1691      1683.62         0.44
 Ho Chi Minh            961.98    965.61          -0.38
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3370.8    3068.76         9.84
 Bangkok                1732.23   1563.88         10.76
 Manila                 8093.6    7,466.02        8.41
 Jakarta                6384.898  6,194.50        3.07
 Kuala Lumpur           1691      1690.58         0.02
 Ho Chi Minh            961.98    892.54          7.78
 

 (Reporting by Rashmi Ashok in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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