March 7, 2019 / 10:10 AM / 18 days ago

SE Asia Stocks-Philippines extends gains on financials

    * Most other markets trade in tight range
    * Singapore snaps two sessions of losses

    By Shriya Ramakrishnan
    March 7 (Reuters) - Philippine shares closed higher for a
second straight session on Thursday, helped by financials, while
most other Southeast Asian stock markets clung to a tight
trading range ahead of China trade data and amid persistent
global growth concerns.
    The benchmark Philippine stock index rose 0.8
percent, regaining some footing after a massive selloff last
week made it Southeast Asia's worse performer for the period.
    Top lenders BDO Unibank Inc, Bank of the Philippine
Islands and Metropolitan Bank and Trust Co
were the biggest boosts after losing 2.4 percent to 7.6 percent
last week. They strengthened between 2.1 percent and 4.2 percent
on Thursday. 
    Investors now await trade data from China, Southeast Asia's
largest trading partner, due on Friday. 
    China's exports are expected to have declined the most in
two years in February, a Reuters poll showed, heightening
anxiety over whether Washington and Beijing can resolve deep
differences over trade, and weakening global demand.

    Adding to concerns was a downgrade in forecasts for the
global economy in 2019 and 2020 by the Organisation for Economic
Co-operation & Development (OECD). It warned that trade dispute
and Brexit uncertainty would hit world commerce and businesses.

    Among other Southeast Asian markets, Vietnam reversed
its course to edge lower, dragged by weakness in real estate and
material stocks.
    Singapore shares snapped two straight sessions of
losses, supported by gains in financial and consumer stocks.
    Energy stocks helped Thai shares gain 0.5 percent.
State energy firm PTT Pcl firmed 1.1 percent and PTT
Exploration and Production advanced 1.2 percent.     
    Oil prices crept up on Thursday amid ongoing OPEC-led supply
cuts and U.S. sanctions against exporters Venezuela and Iran.

    Meanwhile, Thailand's Constitutional Court ordered the
dissolution of an opposition party for nominating the king's
sister as its candidate for prime minister in a March 24
election.
    The Indonesian market was closed for a public
holiday.
    
For Asian Companies click;  
SOUTHEAST ASIAN STOCK MARKETS
 Market                 Current   Previous close  Pct Move
 Singapore              3229.48   3222.84         0.21
 Bangkok                1633.21   1625.51         0.47
 Manila                 7881.79   7821.34         0.77
 Kuala Lumpur           1686.95   1686.82         0.01
 Ho Chi Minh            994.03    994.49          -0.05
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3229.48   3068.76         5.24
 Bangkok                1633.21   1563.88         4.43
 Manila                 7881.79   7,466.02        5.57
 Jakarta                6457.956  6,194.50        4.25
 Kuala Lumpur           1686.95   1690.58         -0.21
 Ho Chi Minh            994.03    892.54          11.37
 
 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by
Subhranshu Sahu)
  
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