* Philippines hits 2-week closing high
* Singapore inflation data due on Thursday
By Niyati Shetty
May 22 (Reuters) - Philippine stocks closed higher on
Wednesday after the United States temporarily eased restrictions
on China's Huawei Technologies, while Indonesia slipped as
protests around recently-announced presidential election results
gripped the capital.
The Manila index .PSI climbed 1.2%, extending gains for a
fourth straight session and hitting a 2-week closing high.
Financials and industrial sectors boosted the Philippine
index, with Ayala Corp AC.PS gaining 6.5%, and JG Summit
Holdings Inc JGS.PS rising 4.3%.
Washington on Monday granted Huawei Technologies Co Ltd
HWT.UL a licence to purchase U.S. goods until August 19, a
move intended to give telecom operators that rely on the Chinese
firm time to make other arrangements. Friction between the world's largest economies escalated
last week after the U.S. Commerce Department blacklisted Huawei,
prompting several U.S. firms to suspend business with the
Chinese telecom giant.
Meanwhile, news agency Xinhua reported http://www.xinhuanet.com/english/2019-05/21/c_138077868.htm
on Tuesday that the Philippine police found no evidence that
Huawei was spying for the Chinese government as they conducted
an investigation into reports that the firm was involved in
espionage.
On the other hand, the Indonesia index .JKSE declined 0.2%
after protests over the outcome of the presidential election
erupted in the capital on Wednesday.
The demonstrations come a day after the election commission
confirmed that incumbent President Joko Widodo had beaten his
challenger, ex-general Prabowo Subianto, in the April 17 poll.
Investors are wary as the political unrest could cause
significant problems for Widodo to implement reforms in the
nation.
Thai equities .SETI advanced 1% as the trade-dependent
country reported customs-cleared exports of 2.57% in April from
a year earlier, and in line with a Reuters poll forecast.
The country's trade deficit for April came in at $1.46
billion, compared with a forecast of a $490 million deficit, and
March's $2 billion surplus.
Data released on Tuesday showed the Thai economy grew at its
slowest pace in over four years. With the country facing growing economic concerns, DBS Bank,
in a note to clients, said, "Pressure will build on the Bank of
Thailand to reverse the token rate hike undertaken in
late-2018."
Singapore stocks .STI ended flat ahead of the island's
inflation data due on Thursday.
A Reuters poll expects the country's core inflation in April
to rise 1.3% from a year earlier, down slightly from the 1.4%
rise in the prior month. The Malaysian markets were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3183.14 3183.26 0.00
Bangkok 1626.91 1610.49 1.02
Manila 7815.07 7721.56 1.21
Jakarta 5939.636 5951.372 -0.20
Ho Chi Minh 983.78 986.29 -0.25
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3183.14 3068.76 3.73
Bangkok 1626.91 1563.88 4.03
Manila 7815.07 7,466.02 4.68
Jakarta 5939.636 6,194.50 -4.11
Ho Chi Minh 983.78 892.54 10.22