February 6, 2019 / 9:53 AM / 5 months ago

SE Asia Stocks-Indonesia ends at more than 11-mth high on GDP boost

    * Indonesia's Q4 GDP grows faster than forecast
    * Thai central bank holds rates
    * Philippine policy rate expected on Thursday

    By Shreya Mariam Job
    Feb 6 (Reuters) - Indonesian stocks surged more than 1
percent to close at an 11-month high on Wednesday, after the
country posted a faster-than- expected GDP growth in the fourth
quarter of 2018, while Philippines index erased early gains to
end lower. 
    Indonesia's gross domestic product (GDP) in the final
quarter of 2018 expanded 5.18 percent from a year earlier,
compared with 5.11 percent forecast in a Reuters poll, while for
the year the economy grew 5.17 percent, marking its best in five
years.
    The country's benchmark index ended 1.02 pct higher,
its highest level since March 5, 2018. 
    Telecom and material stocks were the biggest boost to the
index, with Telekomunikasi Indonesia (Persero) Tbk Perusahaan
Perseroan PT and Unilever Indonesia Tbk PT
rising 2.1 percent and 2 percent, respectively.
    Meanwhile, Philippine index reversed course and
slipped from 10-and-a-half-month high hit earlier in the session
to close marginally lower. 
    Industrial stocks dragged the index, with SM Investment Corp
 and JG Summit Holdings Inc slipping 1.7 percent
and 3.7 percent, respectively.
    "I would say it (the reason for the fall) is profit taking
for the lack of any news to suggest otherwise," said Charles
William Ang, associate analyst at COL financial. He added that
good inflation rates had pushed the index earlier in the day. 
    The country's inflation had eased in the month of January,
supporting views that the central bank would leave interest
rates on hold on at its meeting on Thursday.
    Thai index rose 0.3 percent bouyed by financial and
material stocks. The country's central bank held benchmark
interest rates steady, pausing after its December rate hike. 
    The Bank of Thailand's monetary policy committee voted 4-2
to hold its one-day repurchase rate at 1.75 percent
to support Southeast Asia's second-largest economy, which is
projected to continue to gain traction though external demand
might slow. 
    Shares of Siam Commercial Bank PCL rose 1.9 percent
while those of Siam Cement PCL firmed 1.3 percent. 
    Malaysia, Vietnam and Singapore stock
markets were closed for Lunar New Year holidays.

    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Bangkok                1658.71   1653.09         0.34
 Manila                 8058.45   8069.48         -0.14
 Jakarta                6547.877  6481.451        1.02
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Bangkok                1658.71   1563.88         6.06
 Manila                 8058.45   7,466.02        7.94
 Jakarta                6547.877  6,194.50        5.70
 


 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
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