SE Asia Stocks-Rise on robust China trade data; Philippines leads
By Nikhil Nainan
Dec 8 (Reuters) - Southeast Asian stock markets rose on
Friday, led by Philippines, on the back of robust economic data
from China and Japan, and the United States' quick move to avert
a government shutdown over the weekend.
Beijing reported exports surged 12.3 percent in November
from a year earlier and imports climbed 17.7 percent, surpassing
all forecasts and easing concerns of a slowdown in the world's
second-biggest economy, while latest data showed Japan's economy
growing twice as fast as first thought as business spending
jumped.
The U.S. Congress moved rapidly on Thursday to send
President Donald Trump a short-term funding bill to avert a
government shutdown this weekend, leaving fights over budget
priorities and a range of other controversial issues for the
coming weeks.
MSCI's broadest index of Asia-Pacific shares outside Japan
climbed 0.8 percent ahead of U.S. jobs data
later in the day.
Philippine shares climbed 1.6 percent in their
biggest single-day rise in a month, on the back of strong gains
in financials and industrials. They ended the week 2 percent
higher, their biggest since early May.
Ayala Corp rose 3 percent on Friday, JG Summit
Holdings Inc climbed 3.7 percent, while Universal
Robina Corp jumped 5.9 percent.
Singapore stocks climbed more than 1 percent,
rebounding from four consecutive sessions of declines, but ended
the week 0.7 percent lower.
Financials accounted for most of the gains on Friday, with
top lenders DBS Group Holdings, Oversea-Chinese
Banking Corp and United Overseas Bank rising
between 1 percent and 2.5 percent.
Indonesian shares rose for a fourth session in five,
supported by gains in financials, with Bank Negara Indonesia
(Persero) Tbk PT climbing 3.8 percent.
Ratings agency Fitch said on Thursday growth in Indonesia
was expected to pick up sharply in 2018 with the help of a
brighter investment climate and stabilisation of commodity
prices.
However, Nomura Indonesia analyst Elvira Tjandrawinata said,
"we are neutral on Indonesia for 2018… valuation at this point
is still extended, it's close to peak. So it doesn't really
price in the earnings disappointment or some political risk that
could come from the election in 2018."
The market climbed 1.3 percent this week in its third weekly
gain in four.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON THE DAY
Market Current Previous close Pct Move
Singapore 3424.64 3388.14 1.08
Bangkok 1706.52 1703.37 0.18
Manila 8304.7 8174.93 1.59
Jakarta 6030.958 6006.835 0.40
Kuala Lumpur 1721.25 1719.05 0.13
Ho Chi Minh 940.16 938.65 0.16
Change so far this year
Market Current End 2016 Pct Move
Singapore 3424.64 2880.76 18.88
Bangkok 1706.52 1542.94 10.60
Manila 8304.7 6840.64 21.40
Jakarta 6030.958 5296.711 13.86
Kuala Lumpur 1721.25 1641.73 4.84
Ho Chi Minh 940.16 664.87 41.41
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Subhranshu Sahu)