By Chris Thomas
June 9 Singapore shares edged up on Friday, with markets in the region largely
shrugging off a shock election result from the UK that saw British Prime Minister Theresa May
losing her majority in Parliament, an outcome that might disrupt Brexit negotiations.
European Union leaders fear that May's loss of majority in the snap election will delay
Brexit talks due to start this month.
"Southeast Asian markets have already priced in the (outcome of the) elections," said
Rakpong Chaisuparakul, a strategist with KGI Securities (Thailand).
MSCI's broadest index of Asia-Pacific shares outside Japan was mostly flat.
Singapore shares closed at their highest since May 15, ending the week 0.4 percent
The index was underpinned by financial stocks, with lenders DBS Group Holdings and
United Overseas Bank Ltd climbing 1.2 percent each, while Oversea-Chinese Banking Corp
closed up 0.8 percent.
The Philippine stock index closed 0.4 percent higher, adding 1.04 percent for the
week in its third straight such gain.
Infrastructure group Aboitiz Equity Ventures climbed 3.5 percent, its best
performance in five months, while SM Prime Holdings gained 1.3 percent.
Philippine exports expanded for a fifth straight month in April, with shipments to Hong Kong
and China rising 36.8 percent and 26.4 percent, respectively.
Indonesia posted its lowest close in three weeks, with conglomerate Astra
International shedding 2 percent. The index ended the week 1.2 percent lower.
Thai shares closed down 0.2 percent, while Malaysia ended marginally higher.
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Previous Close Pct Move
Singapore 3254.19 3237.05 0.53
Bangkok 1566.65 1570.28 -0.23
Manila 7990.24 7958.63 0.40
Jakarta 5675.523 5702.922 -0.48
Kuala Lumpur 1788.89 1785.57 0.19
Ho Chi Minh 749.72 750.13 -0.05
Change on year
Market Current End 2016 Pct Move
Singapore 3254.19 2880.76 12.96
Bangkok 1566.65 1542.94 1.54
Manila 7990.24 6840.64 16.81
Jakarta 5675.523 5296.711 7.15
Kuala Lumpur 1788.89 1641.73 8.96
Ho Chi Minh 749.72 664.87 12.76
(Reporting by Chris Thomas; Editing by Sherry Jacob-Phillips)