SE Asia Stocks-Philippines gains on policy easing prospects; Malaysia up on export data
* Philippines hits highest close since Feb 7 * Malaysia April exports +1.1% y/y vs -1% f'cast * Vietnam falls to near 4-month closing low By Niyati Shetty June 3 (Reuters) - Philippine shares rose nearly 1.5% on Monday, extending gains into a fifth session, as a promise of further policy easing by the central bank chief lifted risk sentiment, while Malaysian stocks gained on a surprise rebound in monthly exports. Pledging further rate cuts and lower reserve requirement for banks to support the economy, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in an interview https://www.bloomberg.com/news/articles/2019-05-31/philippine-central-bank-governor-promises-more-rate-cuts with Bloomberg TV on Friday that there was more room for monetary easing but the timing depended on upcoming economic data. Annual inflation likely eased to a 17-month low in May, a Reuters poll showed, adding to the possibility of the central bank further unwinding policy. The inflation data is due on Wednesday. Last month, the central bank trimmed key rates and later announced a three-step reduction in the amount of cash that banks must hold as reserves, to help shore up the economy as inflation pressures cooled. The key Manila stock index rose 1.4% to a near four-month closing high, supported by real estate and industrial stocks. Property developer Ayala Land Inc gained 6% and conglomerate SM Investment Corp added 2%. Meanwhile, Malaysian shares reversed course to end higher as government data showed exports rose unexpectedly in April after two straight months of declines. Exports rose 1.1% in April from a year earlier, above the 1% decline forecast in a Reuters poll, helped by higher exports of manufactured goods. Petronas Gas gained 2.9% and electricity firm Tenaga Nasional advanced 1.3%. Singapore shares were marginally higher with index heavyweights Jardine Matheson Holdings Ltd and Jardine Strategic Holdings Ltd adding 1.4% and 1.7%, respectively. Vietnam shares fell 1.4% to their lowest close since Feb. 13, weighed down by financial and real estate stocks. Vietnam Technological And Commercial Joint Stock Bank lost 4.9% and Vinhomes JSC fell 1.7%. Thailand's financial markets were closed on Monday for a holiday, while Indonesia is closed for the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3123.46 3117.76 0.18 Manila 8084.88 7970.02 1.44 Kuala Lumpur 1655.31 1650.76 0.28 Ho Chi Minh 946.47 959.88 -1.40 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3123.46 3068.76 1.78 Manila 8084.88 7,466.02 8.29 Kuala Lumpur 1655.31 1690.58 -2.09 Ho Chi Minh 946.47 892.54 6.04 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu Sahu)
