South East Asian stocks mixed

Southeast Asian stocks traded mixed on Monday as global uncertainties lingered, with Indonesia posting its biggest single day loss in seven weeks ahead of the release of economic data later in the week and on concerns over company earnings. Malaysia's stock index lost 0.2 percent, while shares in the Philippines gained 0.6 percent, led by power company First Gen Corp, which climbed nearly 3 percent.
"Oil price rebound should reinforce investor confidence on risky assets. However, uncertainties are expected to linger ahead of the Opec/non-Opec meeting scheduled on April 17," said Taye Shim, head of research at KDB Daewoo Securities Indonesia. Brent crude futures, the global benchmark, rallied last week but retreated on Monday. Meanwhile, the World Bank trimmed its 2016 and 2017 economic growth forecasts for developing East Asia and Pacific, saying the outlook was clouded by risks such as uncertainty over China's growth prospects. It sees growth picking up in Indonesia this year, but expects a slowdown in Malaysia and Thailand. Indonesia's Jakarta Composite Index fell 1.2 percent to its lowest closing since March 29 ahead of the release of trade data and the consumer confidence index later this week, and company earnings later this month. DBS Bank sees Indonesia's March import growth declining from a year earlier, suggesting domestic demand remains lacklustre. The biggest decliners in Jakarta included heavyweights such as auto distributor PT Astra International Tbk, which fell 3.1 percent, and lender PT Bank Mandiri Tbk, which slipped 3.3 percent. Singapore and Thailand gained marginally, while Vietnam rose to its highest closing level so far this year.