August 6, 2018 / 10:25 AM / 2 months ago

SE Asia Stocks-Indonesia jumps on strong economic growth data

    * Thailand declines nearly 1 pct
    * Manila comes off 2-month low 

    By Karthika Suresh Namboothiri
    Aug 6 (Reuters) - Indonesian shares jumped more than 1.5
percent on Monday after data showed Southeast Asia's largest
economy grew the fastest in 4-1/2 years in April-June, while
Thai stocks dropped for a second session in three.
    Indonesia's economy grew 5.27 percent from a year earlier in
the second quarter, helped by robust consumption during the
Muslim fasting month, and beat a Reuters poll projection of 5.16
percent.
    The stronger growth was driven by an increase in private
consumption and government expenditure, which boosted purchasing
power, said Leo Putra Rinaldy, an economist at Jakarta-based
Mandiri Sekuritas.
    "The (GDP) number will provide some relief for both the
central bank and the government that has been overseeing rate
hikes amid a pressured rupiah and had hiked a cumulative 100bps
since May 2018," OCBC Bank said in a note.
    The Jakarta SE Composite Index rose to a two-month
closing high in heavy trade, led by financials and telecoms. 
    Telekom Indonesia ended 5.5 percent higher, while
Astra International rose 4.2 percent.
    Among other Southeast Asian stock markets that gained,
Singapore rose 0.60 percent with financials at the helm.
    Oversea-Chinese Banking Corp advanced 2 percent
after the lender beat market expectations with a 16 percent rise
in quarterly profit.
    Thai shares gave up early gains to close about 1
percent lower with Indorama Ventures and Bangkok Dusit
Medical Services shedding 5.8 percent and 3.7 percent
respectively. 
    Philippine shares closed little changed after
declining to a more than two-month low, with losses in
industrials and telecommunications outweighing gains in real
estate stocks.
    SM Investments Corp closed 0.7 percent lower, while
Ayala Land rose 3.6 percent.
    Local investors now await July inflation data ahead of a
central bank meeting on Thursday.
    The annual inflation likely quickened for a seventh straight
month in July due to higher food, fuel and utility costs,
according to a Reuters poll.
    Asian shares pared gains as Chinese stocks swung into
negative territory, dragged lower by the escalating Sino-U.S.
trade war.    
    
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3285.34   3265.73         0.60
 Bangkok            1696.24   1712.09         -0.93
 Manila             7817.31   7819.39         -0.03
 Jakarta            6101.131  6007.538        1.56
 Kuala Lumpur       1779.75   1780.09         -0.02
 Ho Chi Minh        960.23    959.6           0.07
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3285.34   3402.92         -3.46
 Bangkok            1696.24   1753.71         -3.28
 Manila             7817.31   8558.42         -8.66
 Jakarta            6101.131  6355.654        -4.00
 Kuala Lumpur       1779.75   1796.81         -0.95
 Ho Chi Minh        960.23    984.24          -2.44
    

 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
  
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