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SE Asia Stocks-Indonesia gains on Widodo's likely re-election; Vietnam falls

Thursday, April 18, 2019, 21:48 GMT+7
SE Asia Stocks-Indonesia gains on Widodo's likely re-election; Vietnam falls

Indonesian stocks ended higher on Thursday as President Joko Widodo looked poised to win a second term based on unofficial vote counts, while Vietnam shares slumped to a 2-month closing low dragged down by consumer staple and real estate counters.

Results from private pollsters showed Widodo winning the popular vote with at least 54 percent, giving him a lead of around eight percentage points ahead of challenger Prabowo Subianto.

"During his new term, we would expect stability and continuity in his polices, thus removing a major overhang for the market," DBS Bank said in a note to clients.

The Jakarta index pared earlier gains, to end the session 0.4 percent higher.

The benchmark, which will be closed for holidays on Friday, advanced 1.3 percent this week.

Financials were the biggest boost to the index, with Bank Central Asia Tbk PT rising 2.4 percent and Bank Mandiri (Persero) Tbk PT adding 2.3 percent.

Meanwhile, Vietnam shares declined for a fourth straight session, slipping 1 percent on Thursday, its lowest closing level since Feb. 18.

Fitch Solutions said Vietnam's real GDP growth will slow to 6.5 percent this year from 7.1 percent in 2018, while earning growth in banking sector is also expected to ease.

Saigon Beer Alcohol Beverage Corp slumped 6.4 percent, while Vingroup JSC fell 0.9 percent.

Malaysian stocks trimmed earlier losses to end marginally lower.

Telecom firm Maxis Bhd was the worst performer, declining 2.2 percent.

Philippine markets were closed for the week on account of holidays, while Singapore will be shut on Friday.

The Singapore bourse gained for a sixth consecutive week, advancing 0.5 percent this week.

Reuters

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