* Vietnam index marks best week since April 10
* Ayala Land biggest loser in Philippines
* Singapore Airlines sees FY net loss
By Pranav A K
May 8 (Reuters) - Vietnamese stocks jumped 2% on Friday on
news that the Southeast Asian country was on course to revive
its economy much sooner than most others, while Philippines was
weighed down by telecom companies.
Hanoi claimed it was successful in containing the virus as
it reported a relatively small 288 cases and zero deaths. It is
now positioning itself as a safe place to do business, with
local firms expecting a surge in foreign investment.
Vietnamese shares .VNI closed up 2.2%, their highest level
since March 11. The index gained 5.8% for the week, their best
week since April 10.
Industrial companies Saigon Machinery Spare Parts SMA.HM
and Ben Thanh Trading & Service BTT.HM jumped about 7% each
and led gains in the benchmark.
Philippine equities .PSI pared early gains to finish 0.6%
lower, after rising 0.3% in the previous session.
Brokerage SB Equities pointed to profit taking in the
region as investors looked ahead to first-quarter earnings and
the government's quarantine plans post May 15.
Pressuring the index, the country's largest mobile network
operator Globe Telecom GLO.PS fell 2.4% and
telecommunications provider PLDT Inc TEL.PS dropped 1.6%.
Singapore shares .STI reversed early gains to end nearly
flat after index heavyweights, Oversea-Chinese Banking Corp
OCBC.SI and Singapore Airlines SIAL.SI , reported dismal
results.
The city-state's second-largest lender posted its lowest
quarterly profit in seven years, while the airlines forecast an
annual net loss for the first time ever. Their shares ended flat
after a volatile trading session. Indonesian shares .JKSE closed nearly 0.3% lower as the
COVID-19 pandemic showed no signs of abating in the country.
"Jakarta is concerned about the total economic hit that
Indonesia will suffer from the outbreak," said Jeffrey Halley,
senior market analyst at OANDA.
"It lacks enough technicians and equipment to increase
testing and the Finance Minister this week said all of the gains
of the past decade could be wiped out."
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2591.88 2591.6 0.01
Bangkok 1266.02 1257.98 0.64
Manila 5621.94 5653.16 -0.55
Jakarta 4597.43 4608.79 -0.25
Kuala Lumpur 1382.31 1376.93 0.39
Ho Chi Minh 813.73 796.54 2.16
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2591.88 3222.83 -19.58
Bangkok 1266.02 1579.84 -19.86
Manila 5621.94 7,815.26 -28.06
Jakarta 4597.43 6,299.54 -27.02
Kuala Lumpur 1382.31 1588.76 -12.99
Ho Chi Minh 813.73 960.99 -15.32