* Singapore drops to near 5-month low
* Malaysia set to post fourth straight session of gain
* Indonesia closed for a holiday
By Shreya Mariam Job
May 30 (Reuters) - Most Southeast Asian stock markets rose
on Thursday ahead of a key economic data announcement by China,
with Philippines leading gains, while Singapore shares fell to a
near five-month low.
China's PMI, due on Friday, is expected to have shrunk in
May according to a Reuters poll. China watchers say the central
bank will have to keep up policy support to prevent a
hard-landing for the economy. Meanwhile, Sino-U.S. trade tensions continued to take
precedence in global financial markets.
"The continued aggravation of trade tensions between China
and the US has sent investors scrambling to find safe havens
amid a highly volatile market," a note from OCBC said.
"Investors seem resigned to a prolonged trade war and a dimmed
global growth outlook."
Despite the softness in global equities, Philippines, which
is not an export-oriented country, revelled in the absence of a
resolution to the trade war as the benchmark bourse added 1%
based on a rally in financials and real estate stocks.
Analysts say Philippines will be one of the beneficiaries
from the trade war as firms hoping to move out of China to avoid
increased tariffs look to other countries, including
Philippines, for growth.
Shares of SM Prime Holdings Inc SMPH.PS climbed 0.9%,
while those of Bank of the Philippine Islands BPI.PS gained
2.8%.
Benchmark stock index of trade-dependent Singapore .STI
however, fell as much as 0.9% to its lowest since Jan. 8.
Industrials and financials dragged the index, with shares of
DBS Group Holdings Ltd DBSM.SI and Jardine Strategic Holdings
Ltd JSH.SI shedding 0.9% and 1.5%, respectively.
Malaysian stocks .KLSE were on track to post a fourth
straight session of gain, rising 0.4% as utility and telecom
stocks drove the index.
Analysts are largely considering Malaysian stocks to be
defensives given its resilience in the wake of a bruising trade
war, which has roiled most global financial markets.
Tenaga Nasional Bhd TENA.KL and Axiata Group Bhd AXIA.KL
gained 2.6% and 1.3%, respectively.
Thai .SETI and Vietnam stocks .VNI also rose marginally.
The Indonesian market .JKSE was closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS As at 0400 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3140.78 3163.28 -0.71
Bangkok 1625.42 1619.36 0.37
Manila 7874.8 7797.75 0.99
Kuala Lumpur 1630.35 1623.67 0.41
Ho Chi Minh 972.57 971.54 0.11
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3140.78 3068.76 2.35
Bangkok 1625.42 1563.88 3.94
Manila 7874.8 7,466.02 5.48
Kuala Lumpur 1630.35 1690.58 -3.56
Ho Chi Minh 972.57 892.54 8.97