November 14, 2018 / 5:01 AM / a month ago

SE Asia Stocks-Philippines, Indonesia gain as investors buy beaten-down stocks

    * Global growth concerns resurfaced, weigh on regional
markets
    * Singaporean and Malaysian indexes on track to extend
losses
    * Philippine's Metropolitan Bank and Trust hits 3-week high

    By Aman Swami
    Nov 14 (Reuters) - Philippine and Indonesian stock markets
gained on Wednesday as investors picked up beaten-down stocks,
though concerns over slowing global growth continued to dent
sentiment in the region. 
    Indonesian shares climbed 1 percent, driven by gains
in materials and consumer staple stocks. 
    "It's a very fragile recovery. There are a lot of moving
variables to recent market movements - so investors are likely
to take a more conservative stance," said Taye Shim, head of
research, Mirae Asset Sekuritas. 
    Indah Kiat Pulp & Paper Tbk PT hit its highest in
one-and-a-half weeks, rising as much as 7.2 percent, while
shares in index heavyweight Unilever Indonesia Tbk PT
were on track to gain for a second consecutive session, adding
up to 2.4 percent.
    "It is more of a technical rebound than a firm recovery of
the share price. Yesterday's oil plunge served as a good
catalyst for today's market rebound as Indonesia is an importer
of oil," Shim added.
    Oil markets struggled to find footing on Wednesday after
plunging 7 percent in the previous session, with surging supply
and the spectre of faltering demand.
    Philippine stocks recovered from previous session's
losses to edge higher, underpinned by gains in financials and
industrials.
    Metropolitan Bank and Trust Co hit a three-week
high, while conglomerate JG Summit Holdings Inc climbed
as much as 3.3 percent.
    "Yesterday, Philippines was one of the worst performers, but
the stocks are rising now as investors are bargain hunting,"
said Charles William Ang, associate analyst, COL Financial Group
Inc.
    Meanwhile, Singapore stocks were poised for a fourth
straight session of declines, sliding up to 0.6 percent.
     Conglomerate Keppel Corp Ltd dropped as much as
1.6 percent, while the country's second-largest property
developer City Developments Ltd shed up to 1.2
percent.
    Malaysian shares were also set to extend losses,
with Malaysia Airports Holdings Bhd and Petronas
Chemicals Group Bhd slipping as much as 1.4 percent
and 1.3 percent respectively.
    Thai shares traded lower, dragged by a rout in
energy sector, while Vietnam stocks edged 0.3 percent
higher, boosted by real estate and consumer staple stocks. 
    Vietnam's largest brewer Sabeco, formally known as
Saigon Beer Alcohol Beverage Corp, and real estate investor
Vingroup JSC rose as much as 1.4 percent and 1.9
percent respectively.
    
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3043.85   3053.6          -0.32
 Bangkok         1656.2    1659.78         -0.22
 Manila          6899.35   6843.83          0.81
 Jakarta         5894.928  5835.198         1.02
 Kuala Lumpur    1680.55   1687.57         -0.42
 Ho Chi Minh     908.5     905.38           0.34
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3043.85   3402.92         -10.55
 Bangkok         1656.2    1753.71         -5.56
 Manila          6899.35   8558.42         -19.39
 Jakarta         5894.928  6355.654        -7.25
 Kuala Lumpur    1680.55   1796.81         -6.47
 Ho Chi Minh     908.5     984.24          -7.70
 


 (Reporting by Aman Swami, Editing by Sherry Jacob-Phillips)
  
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