By Ambar Warrick
March 13 Most Southeast Asian stock markets
closed higher on Monday, with the Philippines clocking its
biggest single-day percentage gain in nearly a month as bargain
hunters stepped in following Friday's last-minute selloff.
Philippine shares closed 1.2 percent higher, helped
by gains in industrials with conglomerate SM Investments Corp
single-handedly pushing up the index.
SM Investments shares ended up 7.8 percent after shedding
9.2 percent on Friday.
Shares of real estate companies also rose, with Ayala Land
rising 2 percent to its highest close since Feb. 23.
"There was a big last-minute selloff in SM Investments on
Friday," said Mikey Macanaig, an analyst with Sunsecurities Inc.
Other Southeast Asian markets saw muted trading with
investors staying wary after Friday's strong U.S. jobs data
sealed the chance of a rate hike by the Federal Reserve on
Fed Chair Janet Yellen signalled last week that the U.S.
central bank would likely raise 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
was up 0.84 percent at 0812 GMT.
Singapore shares closed at their highest since August
2015, helped by gains in financial and telecom stocks.
Oversea-Chinese Banking closed at its highest since
Feb. 23, while Singapore Telecommunications closed at
a two-week high.
Indonesia closed at its highest in a week, while the
index of the 45 most liquid stocks remained largely
Thailand fell for the third straight session,
closing at its lowest in two-and-a-half months. Financials and
real estate stocks were the worst performers, with hire purchase
financier Group Lease falling 29.9 percent to close at
its lowest since December 2015.
Vietnam shares closed lower, with consumer staples
being the main drag. The country's coffee export volume this
year is expected to fall 20 to 30 percent from a year earlier
due to drought and reduced inventory, an industry official said
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Previous Pct Move
Singapore 3147.15 3133.35 0.44
Bangkok 1535.51 1539.91 -0.29
Manila 7233.09 7146.27 1.21
Jakarta 5409.372 5390.677 0.35
Kuala Lumpur 1721.92 1717.58 0.25
Ho Chi Minh 710.17 712.21 -0.29
Change so far
Market Current End 2016 Pct Move
Singapore 3147.15 2880.76 9.25
Bangkok 1535.51 1542.94 -0.48
Manila 7233.09 6840.64 5.58
Jakarta 5409.372 5296.711 2.13
Kuala Lumpur 1721.92 1641.73 4.88
Ho Chi Minh 710.17 664.87 6.59
(Reporting by Ambar Warrick in Bengaluru; Editing by Subhranshu