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SE Asia Stocks-Most edge higher; Singapore jumps on strong export data

Published 05/18/2020, 12:19 PM
Updated 05/18/2020, 12:20 PM
© Reuters.

© Reuters.

* Pharma shipments lift Singapore April exports
* Thailand posts 1.8% drop in Q1 GDP vs estimate of 4%
decline
* Philippine shares fall to their lowest since April 28

By Pranav A K
May 18 (Reuters) - Singapore shares gained on Monday after
the city-state reported a rise in annual exports, while most
Southeast Asian stock markets tracked global equities to inch
higher on renewed optimism as more countries eased lockdown
restrictions and reopened their economies.
Summer weather is prompting much of the world to emerge from
coronavirus lockdowns as centers of the outbreak from New York
to Italy and Spain gradually lift restrictions that have kept
millions indoors for months. Asian shares outside Japan .MIAPJ0000PUS edged up 0.2%,
while E-Mini futures for the U.S. S&P 500 ESc1 added 1.1%,
even as China said it opposed the latest U.S. rules against
Huawei HWT.UL . "Between fears of sustained economic damage from the global
health crisis and hopes for recovery as economies gradually
reopen, we are seeing the latter reigning into the start of the
fresh week for US futures," said IG market strategist Jingyi
Pan.
Singapore's benchmark index .STI rose 0.8%, as annual
exports rose for the third straight month in April, bolstered by
a sharp rise in pharmaceutical shipments, according to official
data.
Serving as the bellwether for Asia's trade picture, non-oil
domestic exports rose 9.7% in April, against a 5% decline
forecast in a Reuters poll. Real estate stocks Capital and Mall Trust CMLT.SI and
Mapletree Commercial Trust MACT.SI were the top gainers on the
benchmark, climbing 4% and 3.3%, respectively.
Thailand's index .SETI advanced, after a tepid session on
Friday where the index closed flat, buoyed by a jump in oil
prices. O/R
Thailand's economy contracted at its sharpest pace in eight
years in the first quarter but by less than expected. Southeast
Asia's second-largest economy shrank 1.8% in the first quarter
from a year earlier, while a Reuters poll expected a 4.0%
contraction. Energy stocks boosted the index, with Lanna Resources
LANNA.BK jumping as much as 14.4%, while Prima Marine PRM.BK
added 3.8%.
Bucking the regional trend, Philippine shares .PSI dropped
1.2% to their lowest in nearly three weeks, with industrials and
telecommunications services weighing the most.
Earlier in the session, shares of the Philippines' biggest
broadcaster ABS-CBN Corp ABS.PS slumped as much as 14.3% after
the telecoms regulator ordered it to shut down operations.
Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS AS AT 0407 GMT

Change on the day
Market Current Previous close Pct Move
Singapore 2543.98 2523.55 0.81
Bangkok 1287.45 1280.76 0.52
Manila 5480.72 5541.95 -1.10
Jakarta 4507.862 4507.607 0.01
Kuala Lumpur 1410.69 1403.44 0.52
Ho Chi Minh 829.64 827.03 0.32

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2543.98 3222.83 -21.06
Bangkok 1287.45 1579.84 -18.51
Manila 5480.72 7,815.26 -29.87
Jakarta 4507.862 6,299.54 -28.44
Kuala Lumpur 1410.69 1588.76 -11.21
Ho Chi Minh 829.64 960.99 -13.67




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