Philippine shares closed higher for a second straight session on Thursday, helped by financials, while most other Southeast Asian stock markets clung to a tight trading range ahead of China trade data and amid persistent global growth concerns. The benchmark Philippine stock index rose 0.8 percent, regaining some footing after a massive selloff last week made it Southeast Asia's worse performer for the period.
Top lenders BDO Unibank Inc, Bank of the Philippine Islands and Metropolitan Bank and Trust Co were the biggest boosts after losing 2.4 percent to 7.6 percent last week. They strengthened between 2.1 percent and 4.2 percent on Thursday. Investors now await trade data from China, Southeast Asia's largest trading partner, due on Friday.
China's exports are expected to have declined the most in two years in February, a Reuters poll showed, heightening anxiety over whether Washington and Beijing can resolve deep differences over trade, and weakening global demand. Adding to concerns was a downgrade in forecasts for the global economy in 2019 and 2020 by the Organisation for Economic Co-operation & Development (OECD). It warned that trade dispute and Brexit uncertainty would hit world commerce and businesses.
Among other Southeast Asian markets, Vietnam reversed its course to edge lower, dragged by weakness in real estate and material stocks. Singapore shares snapped two straight sessions of losses, supported by gains in financial and consumer stocks.
Energy stocks helped Thai shares gain 0.5 percent. State energy firm PTT Pcl firmed 1.1 percent and PTT Exploration and Production advanced 1.2 percent. Oil prices crept up on Thursday amid ongoing Opec-led supply cuts and US sanctions against exporters Venezuela and Iran.
Meanwhile, Thailand's Constitutional Court ordered the dissolution of an opposition party for nominating the king's sister as its candidate for prime minister in a March 24 election. The Indonesian market was closed for a public holiday.
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