Advertisement

SE Asia Stocks-Most rise on upbeat China services sector survey

* Singapore top gainer with 1.3% jump * Thailand hits near 1-month closing high * Malaysia July exports above expectations By Shreya Mariam Job Sept 4 (Reuters) - Most Southeast Asian stock markets rose on Wednesday, tracking broader Asia as investors cheered a private survey that showed accelerating growth in China's services sector amid fears of a global slowdown. Activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, the survey showed. Positive sentiment over the survey seeped into Southeast Asian markets with China being the region's biggest trading partner. Singapore shares jumped 1.3%, shrugging off a central bank survey showing a sharp cut in 2019 economic growth forecasts. Industrial and financial stocks were the top gainers, with industrial behemoth Jardine Matheson Holdings Ltd rising 5.6%, while Hongkong Land Holdings Ltd jumped 9.2%. Thai stocks advanced 1% to a near one-month closing high after the finance minister played down recession fears. The economy is just slowing but not in a recession yet and recently announced government stimulus measures should help lift growth to 3% this year, the minister said. Index heavyweights Airports of Thailand and PTT PCL gained 3.5% and 1.8%, respectively. Malaysian stocks gained 0.5% following a surprise rise in July exports. Exports rose unexpectedly in July, rebounding from a drop in the previous month, lifted by solid demand for manufactured goods and higher shipments to China, government data showed. Financials were the top gainers, with Public bank Bhd rising 1%, while Malayan Banking Bhd added 0.5%. Philippine shares climbed 0.5%, underpinned by real estate and industrial stocks. Robinsons Land Corp and SM Investments Corp gained 4.1% and 3.8%, respectively. Indonesian shares edged higher, aided by energy and real estate stocks, while Vietnam slipped on losses in consumer and industrial stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3130.57 3090.63 1.29 Bangkok 1658.64 1642.25 1.00 Manila 7840.86 7804.71 0.46 Jakarta 6269.664 6261.59 0.13 Kuala Lumpur 1599.89 1591.52 0.53 Ho Chi Minh 977.63 979.36 -0.18 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3130.57 3068.76 2.01 Bangkok 1658.64 1563.88 6.06 Manila 7840.86 7,466.02 5.02 Jakarta 6269.664 6,194.50 1.21 Kuala Lumpur 1599.89 1690.58 -5.36 Ho Chi Minh 977.63 892.54 9.53 (Editing by Subhranshu Sahu)