By Ambar Warrick
March 13 Most Southeast Asian stock markets
gained on Monday with the Philippines clocking its biggest
intraday percentage gain in nearly a month as bargain hunters
stepped in following Friday's last-minute selloff.
The Philippine index rose as much as 1.1 percent with
conglomerate SM Investments gaining 8.3 percent, its
biggest intraday gain since December 2011. The stock had shed
9.2 percent on Friday.
"There was a big last-minute selloff in SM Investments on
Friday," said Mikey Macanaig, an analyst at Sunsecurities, Inc.
"The stock is recovering today and pushing the market up."
Other Southeast Asian markets saw tepid trading as investors
braced themselves after Friday's strong U.S. jobs data sealed
the chance of a rate increase by the Federal Reserve on
Fed Chair Janet Yellen signalled last week that the U.S.
central bank would likely hike rates at its March 14-15 policy
"Markets are getting ready for the rate hike which is going
to be announced this week ... Jobs data from the U.S. market
last week was better than expected. So, the rate hike seems all
the more imminent now," added Macanaig.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.75 percent at 0402 GMT.
The Singapore index rose about 0.4 percent, helped by
gains in financials and telecommunication stocks.
Oversea-Chinese Banking touched a near three-week high
while Singapore Telecommunications saw its biggest
intraday percentage gain in a month.
Vietnam fell as much as 0.6 percent, bogged down by
weak consumer staples and financials. Saigon Beer Alcohol
Beverage fell to a two-month low.
Vietnam's coffee export volume this year is expected to fall
20-30 percent from a year earlier due to drought and reduced
inventory, an industry official said on Sunday.
The Jakarta SE Composite Index was flat with the
index of the 45 most liquid stocks trading rangebound.
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SOUTHEAST ASIAN STOCK MARKETS; Change at 0432 GMT
Market Current Previous Pct Move
Singapore 3145.81 3133.35 0.40
Bangkok 1536.87 1539.91 -0.19
Manila 7215.36 7146.27 0.97
Jakarta 5396.606 5390.677 0.11
Kuala Lumpur 1720.21 1717.58 0.15
Ho Chi Minh 710.84 712.21 -0.19
Change so far
Market Current End 2016 Pct Move
Singapore 3145.81 2880.76 9.20
Bangkok 1536.87 1542.94 -0.39
Manila 7215.36 6840.64 5.48
Jakarta 5396.606 5296.711 1.89
Kuala Lumpur 1720.21 1641.73 4.78
Ho Chi Minh 710.84 664.87 6.91
(Reporting by Ambar Warrick in Bengaluru; Editing by Vyas