SE Asia stocks higher as post-Brexit rebound continues

SE Asia stocks higher as post-Brexit rebound continues

Philippine President Rodrigo Duterte holds his first cabinet meeting on Thursday after his inauguration ceremony in Malacanang presidential palace in Manila. The Philippine index rose before ending marginally lower on his first day in office. (EPA/Malacanang photo)
Philippine President Rodrigo Duterte holds his first cabinet meeting on Thursday after his inauguration ceremony in Malacanang presidential palace in Manila. The Philippine index rose before ending marginally lower on his first day in office. (EPA/Malacanang photo)

Most Southeast Asian markets closed higher on Thursday, tracking regional peers, as markets shrugged off the impact of Britain's stunning vote to leave the European Union.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.5% at 4pm, pulling further away from a one-month low hit on Friday. The index has dropped about 0.8% in the April-June quarter.

Singapore shares rose 1.7%, helped by consumer service providers. The index posted its biggest intra-day percentage gain since October 2011.

Singapore's total bank lending in May rose from April on stronger demand for manufacturing loans, central bank data showed on Thursday. 

United Overseas Bank gained 2.6% after the city-state's number three lender suspended its loans programme for London properties in the wake of Brexit.

The Singapore index has shed 1.5% during the first half of the year.

Vietnam's benchmark index hit a 11-month high during the session, led by healthcare shares, before closing up 0.3%. Dhg Pharmaceutical Joint-Stock Co gained 4.6%.

Sentiment improved following rebounds across global markets and as funds boosted prices of Vietnamese shares to improve their end-June portfolio performance, analysts said.

Analysts expect stocks to retreat in the next few sessions as the index approaches a historically strong resistance level of 640 points and on a lack of supportive news.

The Philippine index erased early gains of as much as 2.3% to end marginally lower.

Philippine stocks were up earlier in the session on Rodrigo Duterte's inauguration as president. However, when the market approached 8,000 points, "there was strong resistance. Eventually, the market corrected in the afternoon," said an analyst with SB Equities.

"It went up too high, too fast."

However, the index has gained 7.4% in the April-June quarter.

Jakarta and Kuala Lumpur closed 0.7% higher.

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