* Thai stocks snap three sessions of gains
* HSBC upgrades Malaysia stocks to 'neutral'
By Shreya Mariam Job
May 29 (Reuters) - Indonesian shares bounced back on
Wednesday to close more than 1% higher, while weakness in oil
prices and renewed political tensions sent Thai stocks lower.
Consumer and telecom stocks helped the key Jakarta stock
index .JKSE post its fourth sessions of gains in five.
"This (bargain hunting) is backed by subsided
tension of post-election situation and growing confidence of
further stability," said Anugerah Zamzami Nasr, an equity
research analyst with Phillip Sekuritas Indonesia.
Telekomunikasi Indonesia TLKM.JK and Unilever Indonesia
Tbk PT UNVR.JK rose 2.4% and 2.1%, respectively.
Malaysian shares .KLSE rose 0.8% to a near three-week high
in intraday trade before closing 0.6% higher.
HSBC upgraded Malaysian stocks to "neutral" from
"underweight", stating the "economy looks resilient".
"The market has strong defensive qualities, which would
reduce downside risks if trade tensions escalate," HSBC said in
a note.
This helped boost investor sentiment in Malaysian shares,
which had declined 4.5% this year as of Tuesday's close.
Index heavyweights Tenaga Nasional Bhd TENA.KL and IHH
Healthcare Bhd IHHH.KL climbed 5.7% and 2.6%, respectively.
Philippine stocks .PSI gained 0.5%, underpinned by
industrials.
AP securities analyst Rachelle C Cruz said the absence of
significant outflows to China A shares after the MSCI EM index
rebalance helped boost investor sentiment.
Top industrial firms SM Investments Corp SM.PS and JG
Summit Holdings Inc JGS.PS advanced 1.1% and 2.7%,
respectively.
Meanwhile, Thai stocks .SETI declined 0.8%, snapping three
straight sessions of gains.
The main opposition Pheu Thai urged other parties that
contested a March election to reject a coalition offer by a
pro-army party seeking to keep the ruling junta chief as prime
minister. Consumer and material stocks took a hit, while energy stocks
dipped on lower oil prices. Siam Cement PCL SCC.BK dipped
2.6%, while PTT PCL PTT.BK slid 1.6%.
Singapore stocks .STI closed marginally lower with
financials dragging down the index. DBS Group Holdings DBSM.SI
and United Overseas Bank UOBH.SI fell 0.4% and 0.8%,
respectively.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3163.28 3165.32 -0.06
Bangkok 1619.36 1632.04 -0.78
Manila 7797.75 7761.29 0.47
Jakarta 6104.106 6033.142 1.18
Kuala Lumpur 1623.67 1614.57 0.56
Ho Chi Minh 971.54 972 -0.05
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3163.28 3068.76 3.08
Bangkok 1619.36 1563.88 3.55
Manila 7797.75 7,466.02 4.44
Jakarta 6104.106 6,194.50 -1.46
Kuala Lumpur 1623.67 1690.58 -3.96
Ho Chi Minh 971.54 892.54 8.85