May 10, 2018 / 4:56 AM / 2 months ago

SE Asia Stocks-Rise; Malaysia closed after general elections

    * Philippine GDP growth rate matches expectations
    * Indonesian cbank says preparing to adjust benchmark rate
    * Malaysian cbank policy meeting on despite public holiday

    By Karthika Suresh Namboothiri
    May 10 (Reuters) - Southeast Asian stock markets, except
Singapore, rose on Thursday in line with broader Asian peers
that were boosted by rising energy stocks, while Malaysia was
shut following results of the general elections.
    Asia shares ex-Japan gained 0.6 percent,
boosted by energy stocks that gained from rallying crude oil
prices as traders adjusted to the prospects of renewed U.S.
sanctions against Iran.
    In Southeast Asia, Philippine stocks rose as much as
nearly 1 percent, led by gains in banks. BDO Unibank Inc
 climbed as much as 2.3 percent, while Security Bank
Corp gained 4.2 percent.
    The country's economy grew 6.8 percent in the first quarter
from a year earlier, matching expectations, driven by industry
and services, the statistics agency said.
    The GDP data came as no surprise, and did not affect the
markets, said Fio De Jesus, an equity research analyst with RCBC
Securities in Manila.
    The Malaysia government declared special public holidays
after an opposition alliance won the general elections in a
shock victory, and the country's national stock exchange, Bursa
Malaysia, said trading would be suspended on Thursday
and Friday. 
    However, Bank Negara Malaysia, the country's central bank,
said it will hold its scheduled policy meeting as planned later
in the day.
    Mahathir Mohamad's Pakatan Harapan (Alliance of Hope) won
113 of parliament's 222 seats, in a stunning defeat of the
coalition that has ruled the Southeast Asian country since
independence from Britain six decades ago.
    Indonesian markets were closed for a local holiday,
after shares ended the previous session over 2 percent higher.

    Indonesia's central bank said on Wednesday it was
intervening in the markets to support the rupiah and was
preparing to adjust its benchmark interest rate.
    Data earlier this week showed the Indonesian economy grew at
a weaker-than-expected pace of 5.06 percent in the first
quarter, adding another headwind to markets already worried
about outflows from the high-yielding rupiah bond markets.
    Thailand snapped five sessions of losses to edge up
0.2 percent, while Singapore shed 0.1 percent, with
beverages distributor Thai Beverage PCL down as much
as 2.4 percent.   
   
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0447 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3543.67   3548.54         -0.14
 Bangkok            1759.88   1756.9          0.17
 Manila             7610.83   7555.27         0.74
 Ho Chi Minh        1057.85   1056.97         0.08
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3543.67   3402.92         4.14
 Bangkok            1759.88   1753.71         0.35
 Manila             7610.83   8558.42         -11.07
 Ho Chi Minh        1057.85   984.24          7.48
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Biju
Dwarakanath)
  
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