SE Asia Stocks-Recover on Wall Street rally; investors see bumpy ride ahead
* Singapore up after three sessions of declines
* Indonesia rises after two days of falls
* Vietnam jumps after shedding 8.5 pct in previous 2 days
By Nikhil Nainan
Feb 7 (Reuters) - Southeast Asian stock markets recovered on
Wednesday tracking Wall Street, but investors remained concerned
about volatility in the days ahead.
Tuesday's wild trading session saw the Dow swing more
than 1,100 points and ended with the benchmark S&P 500
tallying its best day since just before U.S. President Donald
Trump's November 2016 election.
"What happened last night was a relief rally, we should see
further declines on Wall Street in the days to come, considering
the fact that it's been up for quite some time," said Manny
Cruz, an analyst with Asiasec Equities Inc in Manila.
Many investors are keeping an anxious eye on E-Mini futures
for the S&P 500 which were off about 0.6 percent in Asian
trade, signalling a likelihood of fresh volatility ahead.
Asian markets took their cue from Wall Street, with the
MSCI's broadest index of Asia-Pacific shares outside Japan
climbing 1.2 percent after Tuesday's 3.5 percent
fall.
Indonesian shares rose as much as 1.6 percent, after
the International Monetary Fund said the country's annual
economic growth will gradually rise to about 5.6 percent over
the medium term.
The gains were led by Bank Negara Indonesia (Persero) Tbk PT
, which climbed as much as 5.2 percent, while
Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT
rose up to 2 percent.
An index of the country's most liquid stocks
gained about 1.6 percent.
Philippine shares rose as much as 1.8 percent, led by
financial and real estate stocks.
"There is a strong resistance at around 8,700 points, that
will be a barrier for the market in the near term and for now,
it will be a tough barrier," said Cruz.
Index heavyweights SM Prime Holdings Inc and Ayala
Corp gained as much as 2.4 percent and 3.5 percent,
respectively.
Singapore climbed as much as 1.6 percent in its
biggest intraday percentage rise since July 2017 and was headed
for its first session of gain in four.
Singapore Telecommunications and Oversea-Chinese
Banking Corp were the top gainers, rising as much as
2.1 percent and 1.8 percent, respectively.
Vietnamese shares jumped as much 3.7 percent after
shedding 8.5 percent in the previous two sessions of falls.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change as at 0335 GMT
Market Current Previous close Pct Move
Singapore 3422.89 3406.38 0.48
Bangkok 1796.48 1788.43 0.45
Manila 8641.56 8550.42 1.07
Jakarta 6563.213 6478.543 1.31
Kuala Lumpur 1837.71 1812.45 1.39
Ho Chi Minh 1045.73 1011.6 3.37
Change on year
Market Current End 2017 Pct Move
Singapore 3422.89 3402.92 0.59
Bangkok 1796.48 1753.71 2.44
Manila 8641.56 8558.42 0.97
Jakarta 6563.213 6355.654 3.27
Kuala Lumpur 1837.71 1796.81 2.28
Ho Chi Minh 1045.73 984.24 6.25
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Subhranshu Sahu)
