SE Asia Stocks-Vietnam up 2.5 pct on Sabeco stake sale; Philippines rebounds
By Nikhil Nainan
Dec 18 (Reuters) - Vietnam shares rose more than 2
percent on Monday, helped by a $5 billion stake sale in
state-owned Sabeco in the country's biggest ever
privatisation process, while Philippines rose on
bargain-hunting after last week's losses.
A unit of Thai Beverage won the auction to buy a
54 percent stake in the top brewer, with the Thailand-based
company emerging as the only buyer after the anticipated sale of
the state-owned maker of Bia Saigon gained momentum in recent
months.
The Vietnam index ended 2.5 percent higher with gains in
consumer staples and financial stocks boosting sentiment, and is
hovering near a decade-high hit earlier this month.
Shares of Sabeco gained as much as 2.8 percent before
closing flat.
"From last week, the market has expected that (Sabeco's
share sale) would be successful; therefore investors have a
positive outlook at the beginning of this week," said Do Bao
Ngoc, a senior analyst at MB Securities in Hanoi.
The Vietnam index posted a weekly loss of 2.1 percent last
week.
"Top Vietnamese stocks went through two weeks of strong
correction; prices of some stocks dropped to a level that was
quite appealing (to investors). After this market correction, a
strong cash flow returned to the market, especially into the top
stocks," Do said.
Among other gainers, Vietnam Dairy Products JSC
rose 4.1 percent, while Petrovietnam Gas Joint Stock Corp
was up 6.3 percent.
In the Philippines, shares closed 1 percent higher
following losses of about 1.5 percent on Friday.
Real estate stocks drove the gains on the index, with Ayala
Land up 2.1 percent and SM Prime Holdings Inc
climbing 1.9 percent.
"The market went down sharply on Friday, and today is some
bargain-hunting ahead of a possible window dressing by the end
of the year," said Manny Cruz, an analyst with Asiasec Equities
Inc in Manila.
Indonesia recovered from losses earlier in the day
to close 0.2 percent higher. Unilever Indonesia Tbk PT
rose 1.6 percent, while cigarettes maker Gudang Garam Tbk PT
ended 3.1 percent higher.
Thai stocks closed up 0.4 percent, while Singapore
and Malaysia were little changed.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
Market Current Previous close Pct Move
Singapore 3414.82 3416.94 -0.06
Bangkok 1724.51 1717.69 0.40
Manila 8422.82 8337.04 1.03
Jakarta 6133.963 6119.419 0.24
Kuala Lumpur 1751.64 1753.07 -0.08
Ho Chi Minh 958.06 935.16 2.45
Change so far this year
Market Current End 2016 Pct Move
Singapore 3414.82 2880.76 18.54
Bangkok 1724.51 1542.94 11.77
Manila 8422.82 6840.64 23.13
Jakarta 6133.963 5296.711 15.81
Kuala Lumpur 1751.64 1641.73 6.69
Ho Chi Minh 958.06 664.87 44.10
(Reporting by Nikhil Kurian Nainan in Bengaluru; addtional
reporting by Chandini Monnappa in Bengaluru and Nguyen Mi in
Vietnam; Editing by Biju Dwarakanath)
