April 16, 2019 / 3:50 AM / 2 months ago

SE Asia Stocks-Most rise ahead of China growth data; Vietnam slumps

    * Vietnam slumps as much as 2 percent
    * Philippines on track to snap 3 straight sessions of losses
    * Signs of recovery in China's economy buoys sentiment

    By Shreya Mariam Job
    April 16 (Reuters) - Most Southeast Asian stock markets rose
on Tuesday, with Philippines leading the gainers, on optimism
over a potential economic recovery in China ahead of its
first-quarter growth data on Wednesday.
    China's economic growth during the quarter is likely to have
cooled to the weakest pace in at least 27 years, a Reuters poll
has showed, but a flurry of measures to boost domestic demand
may have put a floor under slowing activity in March.

    The People's Bank of China said some positive changes have
occurred in the structural adjustments of the Chinese economy in
the first quarter, but deeper problems remain, amid
uncertainties.
    Last week, the country reported strong credit growth as well
as exports for March.  
    "Players in Asia may turn defensive today ahead of China's
GDP report on Wednesday, which may provide some direction," ING
said in a note.
    Philippine stocks led gains in the region and were on
track to snap three consecutive sessions of losses, after the
delayed national budget was finally signed by Philippines
President Rodrigo Duterte on Monday.
    President Duterte signed a 3.7 trillion peso ($71.54
billion) budget for this year, its largest ever, ending months
of impasse that forced the Southeast Asian country to cuts its
growth target. Last month, Philippines reduced this target to
6-7 percent from 7-8 percent.
    Industrials and real estate stocks drove gains in the
Philippine market with SM Investments Corp and JG Summit
Holdings Inc firming 1.8 percent and 2.2 percent,
respectively.
    Meanwhile, Vietnam stocks fell as much as 2 percent
to its lowest level in nearly two months, with real estate
stocks dragging the index. 
    Vinhomes JSC and Vingroup JSC were the top
drags on the index shedding 3.1 percent and 2.8 percent,
respectively. 
    Thai market was closed for a holiday. 
      
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SOUTHEAST ASIAN STOCK MARKETS As at 0346 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3333.19   3325.86         0.22
 Manila                 7842.24   7787.98         0.70
 Jakarta                6448.648  6435.151        0.21
 Kuala Lumpur           1633.57   1631.33         0.14
 Ho Chi Minh            971.89    982.9           -1.12
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3333.19   3068.76         8.62
 Manila                 7842.24   7,466.02        5.04
 Jakarta                6448.648  6,194.50        4.10
 Kuala Lumpur           1633.57   1690.58         -3.37
 Ho Chi Minh            971.89    892.54          8.89
                                                  
 



($1 = 51.7200 Philippine pesos)

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Uttaresh.V)
  
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