June 6, 2018 / 10:15 AM / a month ago

SE Asia Stocks-Most rise; Malaysia up after cbank governor resigns

    * Malaysia climbs 1.3 pct to highest in nearly 2 weeks
    * Singapore falls as bank stocks take hit
    * Vietnam gains 1.2 pct in 5th straight winning session

    By Mensholong Lepcha
    June 6 (Reuters) - Most Southeast Asian stock markets ended
higher on Wednesday, with Malaysia gaining over 1 percent after
the country's central bank governor resigned, while Vietnam
extended its winning run to a fifth straight session.
    Malaysia's newly elected prime minister, Mahathir Mohamad,
said on Wednesday he accepted the resignation of central bank
governor Muhammad Ibrahim.
    Ibrahim's departure is part of a government shake-up led by
Mahathir who trounced scandal-tainted leader Najib Razak in the
May 9 election.
    Malaysian shares rose 1.3 percent to their highest
close in nearly two weeks, led by gains in bank stocks such as
Public Bank and CIMB Group Holdings.
    Vietnam shares reversed early losses, ending 1.2
percent higher. Real estate and financial stocks led the gains.
    Vingroup JSC rose as much as 2.7 percent, while
Bank for Investment and Development of Vietnam gained
4.6 percent. 
     Thai shares closed 0.4 percent higher, posting its
third consecutive session of gains.
    Energy stocks pushed the index higher, with oil and gas
explorer PTT Exploration and Production gaining as
much as 5.5 percent.
    Elsewhere, Singapore snapped two sessions of gains,
ending 0.4 percent lower. 
    Heavyweights DBS Group Holdings and OCBC
fell as much as 1.2 percent.  
    "There are concerns that the banks will take a hit this
quarter following issues at Hyflux," said Liu Jinshu,
director of research at NRA Capital, referring to Singapore's
water treatment firm, which has sought to begin a reorganisation
of its business.
    The company filed in May for a 30-day moratorium preventing
creditors from taking actions that could hurt the company's
finances.
    "Local banks have been exposed due to loans and bonds to
Hyflux, we don't have much disclosure at this point but we'll
see some non-performing loans from Hyflux when the banks report
their Q2 results," Jinshu added.
   Indonesian shares finished 0.3 percent lower, while
Philippine shares remained largely unchanged.

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SOUTHEAST ASIAN STOCK MARKETS 
  Change on the day                                      
  Market             Current       Previous     Pct Move
                                   close        
  Singapore          3467.81       3483.16      -0.44
  Bangkok            1738.7        1732.71      0.35
  Manila             7689.14       7685.76      0.04
  Jakarta            6069.713      6088.79      -0.31
  Kuala Lumpur       1777.13       1755.14      1.25
  Ho Chi Minh        1034.5        1022.74      1.15
                                                
  Change on year                                
  Market             Current       End 2017     Pct Move
  Singapore          3467.81       3402.92      1.91
  Bangkok            1738.7        1753.71      -0.86
  Manila             7689.14       8558.42      -10.16
  Jakarta            6069.713      6355.654     -4.50
  Kuala Lumpur       1777.13       1796.81      -1.10
  Ho Chi Minh        1034.5        984.24       5.11
 


 (Reporting by Mensholong Lepcha; Editing by Amrutha Gayathri)
  
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