* Philippines Q1 GDP falls for first time since 1998
* Vietnam shares hit more than 2-week high
* Singapore, Malaysia and Indonesia closed for holiday
By Pranav A K
May 7 (Reuters) - Philippine shares reversed course to end
higher on Thursday on hopes the country would soon ease its
coronavirus-driven restrictions, while Thailand stocks fell on
gloomy outlook for its economy.
The Philippine benchmark .PSI gained 0.3%, recovering from
a 0.7% fall earlier in the session after reporting an unexpected
slowdown in first-quarter economic growth as the coronavirus
pushes the economy towards a recession. "Investors brushed off the contraction in Q1 GDP with a
possibility that the country may ease the lockdown after May 15
as mentioned by the administration," said Luis Limlingan,
managing director at Manila-based brokerage firm Regina Capital
Development Corp.
After eight weeks of one of the world's strictest community
quarantines, Manila is set to reopen its economy at the end of
next week. Shares of conglomerate Ayala Corp AP.PS gained 3.1% and
helped boost the index, while real estate company Robinsons Land
Corporation RLC.PS added 4%.
On the flip side, The Thai stock index .SETI closed down
1.5% to clock its biggest one-day percentage loss April 16 as
investors returned from a market holiday.
A group of leading business associations in Thailand said
Southeast Asia's second largest economy may shrink 3% to 5% this
year, sharply down from growth of 1.5% to 2.0% projected in
March. Thai stocks have risen about 30% from its March lows on
hopes that the lockdown would be lifted but these gains are in
danger as first-quarter earnings are expected to plummet and Q2
will likely be "even worse", said Sunthorn Thongthip, strategist
for Kasikorn Securities.
Financial stocks were the main laggards in Thailand, with
Thaire Life Assurance PCL THREL.BK diving 9.3% and Ratchthani
Leasing THANI.BK falling 6.6%.
Helping market sentiment was data from China showing exports
came in better-than-expected in April for the first time this
year, suggesting factory activity in Southeast Asia's largest
trading partner is recovering faster than expected. Vietnam shares .VNI rose 1.8% and posted third straight
session of gains, lifted by consumer staples and financials.
Shares of seafood processing company Vinh Hoan Corp VHC.HM
and Saigon Beer Alcohol Beverage Corp SAB.HM leaped 7% each.
Markets in Singapore, Malaysia and Indonesia were closed on
Thursday for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Bangkok 1257.98 1278.63 -1.62
Manila 5653.16 5639.27 0.25
Ho Chi Minh 796.54 782.59 1.78
Change so far in 2020
Market Current End 2019 Pct Move
Bangkok 1257.98 1579.84 -20.37
Manila 5653.16 7,815.26 -27.67
Ho Chi Minh 796.54 960.99 -17.11