November 22, 2018 / 10:09 AM / 17 days ago

SE Asia Stocks-Subdued as global growth concerns weigh; Indonesia gains

    * Philippines, Malaysia close flat
    * Indonesia gains after two straight session of losses
    * Singapore rises; Q3 GDP growth misses expectations

    By Aman Swami
    Nov 22 (Reuters) - Indonesian stocks picked up on Thursday
after two sessions of falls, while other markets in the region
were largely subdued as investors remained cautious amid signs
of slowing global growth.
    Tensions over Sino-U.S. trade ahead of a high-stakes meeting
this month between U.S. President Donald Trump and Chinese
President Xi Jinping kept investor sentiment fragile in Asia.
    Indonesia's benchmark index rose 0.7 percent, driven
by gains in financial and consumer stocks.
    "I think investors are considering Indonesia as an
relatively insulated market during this tech and export-driven
retreat," said Taye Shim, head of research and strategist at
Mirae Asset Sekuritas. 
    "Further, Indonesia surprised the market with its recent
rate hike – which we think is a country-specific relief factor,
which reinforced investor sentiment on the Indonesian market."
    Indonesia's central bank last week unexpectedly raised its
benchmark interest rate for the sixth time this year, as
policymakers struggle to reduce imports and lower the country's
current-account deficit.
    Bank Central Asia Tbk PT was up 1.2 percent, while
cement manufacturer Semen Indonesia (Persero) Tbk PT
rallied 6.5 percent.
    Singapore shares edged marginally higher with
conglomerate Jardine Matheson Holdings Ltd gaining 2.1
percent and Hutchison Port Holdings Trust firming 2
percent.
    The city-state's economy expanded at a much slower pace than
initially thought in the third quarter, with the government
flagging further moderation in the current quarter and warning
that the Sino-U.S. trade war will hurt growth in 2019.

    Thai shares declined 0.8 percent, dragged by losses
in industrial and energy sectors.
    Airports of Thailand PCL slipped 2.4 percent, while
PTT Exploration and Production PCL shed 1.9 percent.
    Oil prices fell on Thursday after U.S. crude inventories
swelled to their highest level since December stoking concerns
about a global glut but OPEC talk of an output reduction limited
losses.
    Philippine and Malaysian shares closed flat
for the day.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on day                            
 Market          Current  Previous Close  Pct Move
 Singapore       3041.38  3038.65         0.09
 Bangkok         1604.4   1617.33         -0.80
 Manila          7268.38  7265.45         0.04
 Jakarta         5990.81  5948.052        0.72
 Kuala Lumpur    1695.62  1695.37         0.01
 Ho Chi Minh     924.42   922.56          0.20
                                          
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3041.38  3402.92         -10.62
 Bangkok         1604.4   1753.71         -8.51
 Manila          7268.38  8558.42         -15.07
 Jakarta         5990.81  6355.654        -5.74
 Kuala Lumpur    1695.62  1796.81         -5.63
 Ho Chi Minh     924.42   984.24          -6.08
 
 (Reporting by Aman Swami; Editing by Sunil Nair)
  
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