April 13, 2018 / 9:48 AM / 6 months ago

SE Asia Stocks-Singapore rises after cbank's first tightening in 6 yrs

    * Singapore shares post three straight weekly gains
    * Vietnam shares snap eight weeks of increases
    * Philippine shares decline sharply

    By Nicole Pinto
    April 13 (Reuters) - Singapore shares jumped on Friday after
its central bank tightened monetary policy for the first time in
six years, while other Southeast Asian stock markets ended
lower, with the Philippine index down nearly 2 percent on
broad-based losses.
    The Monetary Authority of Singapore (MAS) said it would
slightly increase the slope of the Singapore dollar's (SGD)
policy band from zero percent previously, while keeping the
width and mid-point of the band unchanged.
    The policy tightening was in line with expectations, and
came as official data showed the city-state's economy expanded
4.3 percent in the first quarter from a year earlier.
    "The MAS's decision to link the return to a mild SGD
appreciation stance to global trade tensions, coupled with a
stable growth/inflation outlook for Singapore suggested no
urgency to follow through with another tightening at the next
review in October," said Philip Sung Seng Wee, senior currency
economist at DBS Bank.
    Singapore shares ended nearly 1 percent higher,
posting its third straight weekly gain, with financial stocks 
Oversea-Chinese Banking Corp up 1.9 percent and DBS
Group Holdings 1.5 percent higher. 
    The index ended the week about 1.7 percent higher. 
    Philippine shares slumped 1.8 percent, ending lower
for the seventh week in eight.
    SM Investments Corp snapped a five-session winning
streak to fall 4.9 percent, weighing on the index. Realty
companies Ayala Land Inc and SM Prime Holdings Inc
 dipped 2.2 percent and 1.9 percent, respectively. 
    Vietnam fell over 1 percent, snapping eight weeks of
gains. The index lost 1.4 percent this week. Vietcombank
 fell 4.2 percent, its third straight session of losses.
    Lender BIDV dropped 5.4 percent, its lowest in
nearly one month.
    Shares in Indonesia slipped 0.6 percent, but ended
the week over 1.5 percent higher, reversing six weeks of losses.
   
    Consumer goods giant Unilever Indonesia fell 2.9
percent, its third straight session of losses, and Astra
International shed 2.6 percent. 
    The Thai share market was closed on Friday. 
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
                 Current   Previous Close  Pct Move
 Singapore       3501.3    3468.61         0.94
 Manila          7899.98   8043.07         -1.78
 Jakarta         6270.327  6310.802        -0.64
 Kuala Lumpur    1868.47   1873.62         -0.27
 Ho Chi Minh     1157.14   1173.02         -1.35
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3501.3    3402.92         2.89
 Manila          7899.98   8558.42         -7.69
 Jakarta         6270.327  6355.654        -1.34
 Kuala Lumpur    1868.47   1796.81         3.99
 Ho Chi Minh     1157.14   984.24          17.57
 

 (Reporting by Nicole Pinto, additional reporting by Christina
Martin; Editing by Biju Dwarakanath)
  
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