May 24, 2018 / 10:31 AM / in 3 months

SE Asia Stocks-Indonesia jumps most in 22 months; Malaysia falls further

    * Malaysia marks lowest close since December 2017
    * Philippines closes higher for first time in 7 sessions

    By Karthika Suresh Namboothiri
    May 24 (Reuters) - Indonesian stocks jumped 2.7 percent on
Thursday, the most since August 2016, while Malaysian shares
fell for a fourth straight session as a widening probe over
corruption linked to the previous government and continued
capital outflows weighed on investor sentiment.
    Financials accounted for most of the gains in Indonesia with
Unilever Indonesia rising 3.7 percent and Bank Central
Asia climbing 2.1 percent.
    Movements in financials were valuation-driven, said Nomura
Indonesia analyst Elvira Tjandrawinata.
    There has been little downgrade in terms of earnings but
valuation has come down because of receding share prices, she
said.
    The financial subindex trades at price to current
fiscal year's earnings ratio of 13.47, compared with last one
year's average of 14.87.
    Reports that the government plans to disburse a higher Eid
holiday bonus are also likely to push the Jakarta stock index
higher, Trimegah Securities said in a note.
    Malaysian shares fell 1.6 percent to their lowest
close since Dec. 27, dragged by financials.
    Malayan Banking Bhd was the biggest drag with a
drop of 3.9 percent.
    "The political malaise is weakening MYR (ringgit) and that
usually triggers some outflows. But I also believe the local
markets are caught up in risk aversion," said Stephen Innes,
head of trading APAC at Oanda.
    Finance Minister Lim Guan Eng had said earlier this week
that the previous government led by Najib Razak deceived the
public and parliament over the country's financial situation and
1MDB.
    Philippine shares snapped six straight sessions of
fall to close 1.2 percent higher, while Singapore stocks
rose nearly 1 percent.
    Lenders Oversea-Chinese Banking Corp and DBS Group
Holdings were the top boost in Singapore, rising 1.6
percent and 0.8 percent, respectively.
    Thai shares declined 1.2 percent, dragged by energy
stocks. PTT PCL ended 5.1 percent lower and PTT
Exploration and Production fell 3.1 percent with
crude oil prices declining on the prospect of the first increase
in OPEC output since 2016.

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SOUTHEAST ASIAN STOCK MARKETS:    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3528.92   3496.27         0.93
 Bangkok            1732.51   1753.6          -1.20
 Manila             7652.53   7560.47         1.22
 Jakarta            5946.538  5792.001        2.67
 Kuala Lumpur       1775.66   1804.25         -1.58
 Ho Chi Minh        985.92    988.94          -0.31
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3528.92   3402.92         3.70
 Bangkok            1732.51   1753.71         -1.21
 Manila             7652.53   8558.42         -10.58
 Jakarta            5946.538  6355.654        -6.44
 Kuala Lumpur       1775.66   1796.81         -1.18
 Ho Chi Minh        985.92    984.24          0.17
 
 (Reporting by Karthika Suresh Namboothiri; additional reporting
by Binisha H. Ben and Gaurav Dogra; Editing by Subhranshu Sahu)
  
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