SE Asia Stocks Buoyed by China growth data; Singapore hits 2-1/2 mth high

by **Cals** Sat 16 Jul 2016, 17:09

SE Asia Stocks

[size=28]Buoyed by China growth data; Singapore hits 2-1/2 mth high

By Reuters / Reuters | July 15, 2016 : 2:52 PM MYT

(July 15): Most Southeast Asian stock markets rose on Friday, in line with their Asian peers, as better-than-expected China GDP data, a status quo from the Bank of England and record highs on Wall Street offset the impact on sentiment of an attack in France.

China's economy climbed 6.7% in the second quarter, marginally better than the expected 6.6%, which would have been the weakest since the global financial
crisis.

Industrial output and retail sales also beat forecasts, which helped alleviate fears of slowing momentum.

"The fact that money supply and loans are also up suggests that China's pro-stimulus position should not be derailed, which will be quite supportive of wider Asia," said Vishnu Varathan, a senior economist with Mizuho Corporate Bank in Singapore.

The BoE on Thursday surprised financial markets by keeping interest rates on hold, but held out the prospect of a stimulus package soon.

"Given that markets have been effervescent the whole week, there might be some caution as we go into closing hours. We are not looking at an all-out risk positioning either," he said.

Indonesian shares were up 0.5%, driven by financials and consumer non-cyclicals, after the country's trade surplus grew more than expected to US$900 million in June.

Trimegah Securities said it expected JCI to fall on Friday and trade in a range of 5,058-5,133.

Kino Indonesia climbed 4%, while Bank Central Asia gained nearly 1%.

Singapore shares resumed trading, after Thursday's disruption and rose as much as 1.1% to their highest since April 22, driven by consumer services and industrial stocks.

Philippine stocks gained 0.7%, driven by telecom and financials stocks, while Vietnam was down with consumer non-cyclicals and energy shares leading the losses.

Asian shares extended gains, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.7%.

Meanwhile, news of an attack in France lifted the safe-haven yen in early trading. An attacker killed up to 80 people and injured scores when he drove a heavy truck at high speed into a crowd watching Bastille Day fireworks in the French Riviera city of Nice late on Thursday, officials said.

SOUTHEAST ASIAN STOCK MARKETS

Change as of 0520 GMT

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Market	Current	previous close	Pct Move
Singapore	2922.94	2906.92	0.55
Bangkok	1492.46	1488.69	0.25
Manila	8014.21	7956.14	0.73
Jakarta	5109.823	5083.539	0.52
Kuala Lumpur	1664.09	1654.78	0.56
Ho Chi Minh	663.96	666.69	-0.41

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Change so far this year

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Market	Current	End prev yr	Pct Move
Singapore	2922.94	2882.73	1.39
Bangkok	1492.46	1288.02	15.87
Manila	8014.21	6952.08	15.28
Jakarta	5109.823	4593.008	11.25
Kuala Lumpur	1664.09	1692.51	-1.68
Ho Chi Minh	663.96	579.03	14.67