By Krishna V Kurup
June 27 (Reuters) - Most Southeast Asian stock markets
recovered from early losses on Monday and closed higher, as
investors digested uncertainties arising from Britain's decision
to exit the European Union.
Sentiment remained weak as doubts over when the world's
fifth-largest economy would leave the EU and on what terms
weighed on global markets.
However, the moves on Monday were nowhere near as extreme as
on Friday, when the shock of Britain's exit vote drove global
stocks to their biggest decline in nearly five years.
The UK is likely to enter a recession within the year as a
result of the leave vote, a decision that will stunt global
economic growth as well, Goldman Sachs' top economists said on
Concerns over Brexit however could prevent the U.S. Federal
Reserve from raising rates in the coming months, which would be
a big comfort for Asian markets. urn:newsml:reuters.com:*:nL1N19G18Z
Philippines shares .PSI rose 1.1 percent, helped by energy
and financial stocks. Semirara Mining Corp SCC.PS rose 5.1
percent, while Ayala Land Inc ALI.PS gained 3.1 percent.
The rise was not expected today, but "the impact of the
Brexit should really be minimal," said Charles Ang, an analyst
with COL Financial.
"Aside from the effect of weakened sentiments of global
investors, fundamentally we do not see any material impact of
the Brexit in terms of the Philippine economy," he added.
Vietnam ended marginally higher, reversing losses made in
early trade. Energy stocks led the gains, with Petrovietnam Gas
Joint Stock Corp GAS.HM up 0.8 percent and PetroVietnam
Drilling & Well Service Corp PVD.HM 2.3 percent higher.
"Investors are overreacting to Brexit," said Duong Manh
Dung, a trader at VnDirect Securities. "The market needs two to
three sessions to rebalance."
Malaysian .KLSE shares pared early losses to close 0.3
percent lower, while Singapore .STI closed down 0.2 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS cut losses and was down 0.2 percent at 0825 GMT.
For Asian Companies click; urn:newsml:reuters.com:*:nTOPEQA
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev close Pct Move
Singapore 2729.85 2735.39 -0.20
Bangkok 1424.31 1413.19 0.79
Manila 7715.9 7629.72 1.13
Jakarta 4836.052 4834.569 0.03
Kuala Lumpur 1629.52 1634.05 -0.28
Ho Chi Minh 621.27 620.77 0.08
Change on year
Market Current End 2015 Pct Move
Singapore 2729.85 2882.73 -5.30
Bangkok 1424.31 1288.02 10.58
Manila 7715.9 6952.08 10.99
Jakarta 4836.052 4593.008 5.29
Kuala Lumpur 1629.52 1692.51 -3.72
Ho Chi Minh 621.27 579.03 7.29
(Reporting by Krishna V Kurup in Bengaluru; Additional
reporting by My Pham in Hanoi; Editing by Subhranshu Sahu)
((Krishna.VKurup@thomsonreuters.com; +91 80 6749 1130; Reuters
Keywords: SOUTHEAST ASIA STOCKS/