Advertisement

SE Asia Stocks-Singapore gains; Philippines falls on profit-taking, poor exports

* Philippines exports shrink sharply in March * Singapore rises 1% * Thai markets closed for holiday By Pranav A K May 6 (Reuters) - Singapore shares gained the most in Southeast Asia on Wednesday, supported by the industrial sector, while Philippine stocks dropped more than 1% on profit-taking and dismal exports data. Financial markets around the world have been caught this month between grim economic figures and worries about worsening U.S.-China relations, and optimism over easing COVID-19 lockdowns in many countries. "Further developments with regards U.S.-China trade tensions should not be ruled out in light of the closing in of the U.S. elections," said Jingyi Pan, a Singapore-based market strategist with financial services firm IG. "The latest COVID-19 implications had also challenged China's ability to meet the trade deal commitments." Philippine stocks fell up to 1.4%, dragged down by a 3.9% drop in shares of conglomerate Ayala Corp. Investors are taking profits from Ayala Corp, Ayala Land and Metro Pacific Investments as they gained sharply on Tuesday after President Rodrigo Duterte apologised to their owners, said Frances Nicole L. Samorano, a research analyst at RCBC Securities. Sentiment was also pressured by data that showed both the country's exports and imports contracted sharply in March. The Indonesian benchmark slipped 0.6% as the country's consumer confidence index plunged to its lowest level in 12 years in April. Southeast Asia’s largest economy grew at its weakest pace since 2001 in the first quarter, statistics bureau data showed on Tuesday, as the coronavirus pandemic halted business activity and fuelled fears of recession. Singapore's index rose 1.1%, with the city-state's flag carrier Singapore Airlines soaring 14.1%, while index heavyweight Jardine Strategic Holdings firmed 3.1%. Malaysian shares advanced 0.3%, helped by Petronas Dagangan and Malayan Banking, which rose 1.4% and 0.9%, respectively. Markets in Thailand were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS PF 0405 GMT STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 2605.79 2572.36 1.30 Manila 5625.75 5671.67 -0.81 Jakarta 4606.777 4630.133 -0.50 Kuala Lumpur 1391.48 1389.55 0.14 Ho Chi Minh 766.39 764.16 0.29 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2605.79 3222.83 -19.15 Manila 5625.75 7,815.26 -28.02 Jakarta 4606.777 6,299.54 -26.87 Kuala Lumpur 1391.48 1588.76 -12.42 Ho Chi Minh 766.39 960.99 -20.25 (Reporting by A K Pranav in Bengaluru; Editing by Aditya Soni)