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SE Asia Stocks-Most up; Manila outperforms; Jakarta, S'pore down after strong gains
September 11, 2013 / 7:41 AM / 4 years ago

SE Asia Stocks-Most up; Manila outperforms; Jakarta, S'pore down after strong gains

Sept 11 (Reuters) - Most Southeast Asian stock markets were
firmer on Wednesday with the Philippines outperforming the
region on positive economic outlook after upbeat industrial
output data from China affirmed the stabilising trend in the
world's second-largest economy. 
    However, Indonesia and Singapore fell after having posted
strong gains in the last three sessions.
    Manila's main stock index was up 2 percent at 0709
GMT, gaining for a fourth straight session and trading at its
highest since Aug. 16. 
    "It's the sentimental boost from the China's data and the
expectation that there is no U.S. strike on Syria," said Jose
Vistan, research analyst at Manila-based AB Capital Securities.
    Philippines stocks are trading at 15.6 times 12-month
forward earnings, versus 11.3 times the forward price to
earnings ratio of Asia-Pacific, according to Thomson Reuters
StarMine's mean average of analyst estimates.
    "I don't find it very expensive with a strong 7 percent
expected GDP growth and more stronger earnings by listed
companies this year," Vistan said. 
    Malaysian stocks are the most expensive in the region,
trading at 15.9 times 12-month forward earnings, while stocks in
Thailand and Vietnam are trading at 12.7 times and 12.3 times
respectively, data showed.
    Markets were also buoyed by stronger-than-expected
industrial output data from China after upbeat exports numbers,
reinforcing signs the country's economy was stabilising.
 
    Receding fears of a U.S. military strike on Syria and hopes
that the U.S. central bank would delay or be less aggressive in
tapering its monthly bond purchases after disappointing U.S. job
data also helped boost sentiment. 
    Thailand's main stock index was up 0.3 percent after
gaining for four straight sessions through Tuesday, while
Malaysia edged up 0.1 percent by midday on Wednesday.
    Indonesian stocks, which were trading at 13.6 times 12-month
forward earnings, were down 0.6 percent, after hitting a
three-week high in the previous session. Jakarta's Composite
Index had gained 7.6 percent in the previous three
sessions. 
    "This is only a temporary rebound and I think the market
will have a healthy correction due to corporate earnings
downgrade, continued selling from foreigners exerting pressure
on the currency and interest rates," said John Teja,
director of Jakarta-based Ciptadana Securities.
    Singapore's Straits Times index was down 0.7
percent from a near three-week high. Vietnam's benchmark VN
index edged up 0.1 percent. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0709 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   395.70        396.27       -0.15
 Singapore          3103.68       3123.89       -0.65
 Kuala Lumpur       1765.94       1764.95       +0.06
 Bangkok            1396.99       1393.17       +0.27
 Jakarta            4336.02       4358.14       -0.55
 Manila             6210.22       6089.72       +1.98
 
 (Reporting by Shihar Aneez in Colombo and Andjarsari
Paramaditha in Jakarta; Editing by Sunil Nair)

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