May 14, 2018 / 10:44 AM / in 4 months

SE Asia Stocks-Most up; Malaysia gains in heavy trade

    * Vietnam posts biggest intraday gain in 1 week
    * GST repeal hopes buoy Indonesian consumer stocks  

    By Karthika Suresh Namboothiri
    May 14 (Reuters) - Most Southeast Asian markets climbed on
Monday with Malaysia ending higher as trading resumed after the
stunning defeat of a coalition that ruled the country for over
six decades, while Vietnam rose more than 2 percent led by real
estate stocks.
    Malaysia's newly elected administration, led by Prime
Minister Mahathir Mohamad, had promised to scrap toll fees,
reinstate fuel subsidies and raise minimum wages, and most
importantly, to abolish the deeply unpopular goods and service
tax within its first 100 days
    "The repeal of GST, while only marginally negative for the
fiscal deficit, will be a boon for consumers, who have been
upset that they bear the burden of poor fiscal management and
came out to vote against the establishment," said Trinh Nguyen,
senior economist at Natixis.
    Consumer stocks gained, with Genting Bhd and
Nestle each ending over 4 percent higher, while the
index firmed up 0.2 percent in its heaviest day of trading since
late November 2017.     
    The biggest losers on the main board were AirAsia Group Bhd
 and CIMB Group Holdings Bhd, down over 5
percent each. Air Asia Chief, Tony Fernandes, on Monday
apologised for endorsing former Prime Minister Najib Razak in
the election.
    Mahathir announced three top cabinet posts on Saturday,
including Lim Guan Eng, a former banker and chartered
accountant, as finance minister.
    "This is expected to underscore market confidence given Lim,
a trained accountant, has a track record boosting Penang's
economy with investor-friendly policies," Mizuho Bank analysts
said in a note. 
    In other markets, Indonesia slipped 0.2 percent on
worries over continued capital outflows from Southeast Asia's
biggest economy. Officials on Friday tried to calm investors
concerned over a weak domestic currency.
    Vietnam stocks rose 2.1 percent, their biggest
intraday gain in one week. Real estate stocks buoyed the market,
with Vingroup Joint Stock Co ending 6.5 percent higher.
    Philippines was closed for a public holiday
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3562.46   3570.17         -0.22
 Bangkok            1773.1    1765.93         0.41
 Jakarta            5947.155  5956.832        -0.16
 Kuala Lumpur       1850.42   1846.51         0.21
 Ho Chi Minh        1066.98   1044.85         2.12
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3562.46   3402.92         4.69
 Bangkok            1773.1    1753.71         1.11
 Jakarta            5947.155  6355.654        -6.43
 Kuala Lumpur       1850.42   1796.81         2.98
 Ho Chi Minh        1066.98   984.24          8.41
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Vyas
Mohan)
  
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