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SE Asia Stocks-Indonesia snaps 5 days of falls, Philippines extends gains

Tuesday, May 21, 2019, 09:51 GMT+7
SE Asia Stocks-Indonesia snaps 5 days of falls, Philippines extends gains
A man monitors a stock index board at a bank in Bangkok, Thailand, February 6, 2018. Photo: Reuters

Indonesian shares rose on Monday as investors bought beaten-down stocks after five sessions of falls, while Philippine shares closed higher for a second straight day.

Broader Asia managed to reverse some of last week's heavy losses as investors cheered apparent wins by Conservative incumbent parties in elections in Australia and India.

But Chinese equities extended losses as trade tensions with the United States dragged on, with Beijing last week suggesting that a resumption of talks to end the dispute was unlikely to happen.

Meanwhile, U.S. President Donald Trump said his tariffs on Chinese goods were causing companies to move production out of China to Vietnam and other countries in Asia.

The key Jakarta stock index closed 1.4% higher after declining more than 6% in the previous five sessions.

Financials led the recovery with Bank Central Asia Tbk PT rising 3.9%. Among other gainers, PT Telekomunikasi Indonesia (Persero) Tbk advanced 2.6% and PT Astra International Tbk added 3%.

Investors now await the General Election Commission's announcement of presidential election results on Wednesday, which is expected to confirm unofficial counts that showed incumbent President Joko Widodo winning a second term.

Philippine shares advanced 1%, with index heavyweights Aboitiz Equity Ventures Inc and Ayala Land Inc climbing 4.6% and 1.6%, respectively.

Vietnam shares rose 1.1% to their highest close since April 9, supported by consumer staples and financials.

Saigon Beer Alcohol Beverage Corp added 2.3%, while Joint Stock Commercial Bank for Foreign Trade of Viet Nam gained 1.5%.

Financial markets in Singapore, Thailand and Malaysia were closed for holidays.

Reuters

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