* Philippines exports shrink sharply in March
* Singapore rises 1%
* Thai markets closed for holiday
By Pranav A K
May 6 (Reuters) - Singapore shares gained the most in
Southeast Asia on Wednesday, supported by the industrial sector,
while Philippine stocks dropped more than 1% on profit-taking
and dismal exports data.
Financial markets around the world have been caught this
month between grim economic figures and worries about worsening
U.S.-China relations, and optimism over easing COVID-19
lockdowns in many countries.
"Further developments with regards U.S.-China trade tensions
should not be ruled out in light of the closing in of the U.S.
elections," said Jingyi Pan, a Singapore-based market strategist
with financial services firm IG.
"The latest COVID-19 implications had also challenged
China's ability to meet the trade deal commitments."
Philippine stocks .PSI fell up to 1.4%, dragged down by a
3.9% drop in shares of conglomerate Ayala Corp AC.PS .
Investors are taking profits from Ayala Corp AC.PS , Ayala
Land ALI.PS and Metro Pacific Investments MPI.PS as they
gained sharply on Tuesday after President Rodrigo Duterte
apologised to their owners, said Frances Nicole L. Samorano, a
research analyst at RCBC Securities.
Sentiment was also pressured by data that showed both the
country's exports and imports contracted sharply in
March. The Indonesian benchmark .JKSE slipped 0.6% as the
country's consumer confidence index plunged to its lowest level
in 12 years in April. Southeast Asia's largest economy grew at its weakest pace
since 2001 in the first quarter, statistics bureau data showed
on Tuesday, as the coronavirus pandemic halted business activity
and fuelled fears of recession. Singapore's index .STI rose 1.1%, with the city-state's
flag carrier Singapore Airlines SIAL.SI soaring 14.1%, while
index heavyweight Jardine Strategic Holdings JSH.SI firmed
3.1%.
Malaysian shares .KLSE advanced 0.3%, helped by Petronas
Dagangan PETR.KL and Malayan Banking MBBM.KL , which rose
1.4% and 0.9%, respectively.
Markets in Thailand were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS PF 0405 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2605.79 2572.36 1.30
Manila 5625.75 5671.67 -0.81
Jakarta 4606.777 4630.133 -0.50
Kuala Lumpur 1391.48 1389.55 0.14
Ho Chi Minh 766.39 764.16 0.29
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2605.79 3222.83 -19.15
Manila 5625.75 7,815.26 -28.02
Jakarta 4606.777 6,299.54 -26.87
Kuala Lumpur 1391.48 1588.76 -12.42
Ho Chi Minh 766.39 960.99 -20.25