SE Asia Stocks-Vietnam jumps on hopes of economy activity reviving; Philippines falls

Pranav A K
·2-min read

* 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 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 and Ben Thanh Trading & Service jumped about 7% each and led gains in the benchmark. Philippine equities 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 fell 2.4% and telecommunications provider PLDT Inc dropped 1.6%. Singapore shares reversed early gains to end nearly flat after index heavyweights, Oversea-Chinese Banking Corp and Singapore Airlines, 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 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." For Asian Companies click; 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 (Reporting by A K Pranav in Bengaluru; Editing by Amy Caren Daniel)