By Susan Mathew
Oct 18 Southeast Asian stock markets rose on
Tuesday on a weaker dollar, with Philippine shares
closing nearly 3 percent higher as President Rodrigo Duterte's
visit to China raised hopes of foreign investment inflows.
Duterte's visit to China on Tuesday, accompanied by at least
200 members of the Philippine business elite, is to pave the way
for what he calls a new commercial alliance, amid deteriorating
ties with longtime ally the United States.
"We see some semblance of foreign buying given the notion
that Duterte's government will bring in investment from foreign
trips," said Manny Cruz, an analyst with Manila-based Asiasec
"If it's significant, the amount of dollars that could come
in after those trips could help curtail the weakness of the
Philippine shares closed 2.9 percent higher, their biggest
gain since May 11, driven by consumer cyclicals and financials.
SM Investments Corp and SM Prime Holdings were
among the biggest gainers.
Asian shares extended gains, pulled higher by financials and
a rebound in oil prices.
The dollar fell against a basket of six major
currencies after recently strengthening as markets priced in
expectations for a Federal Reserve rate increase in December, a
growing headwind for emerging markets.
Fed Vice Chairman Stanley Fischer said on Monday that
economic stability could be threatened by low interest rates,
but it was "not that simple" to raise rates.
"The dollar edging lower is a sigh of relief for Southeast
Asian markets during times when the Fed has been so hawkish,"
said Taye Shim, an analyst with Daewoo Indonesia.
Ahead of the U.S. inflation data due later in the day,
investors also evaluated whether the Fed will let inflation run
above target before raising interest rates.
Malaysia and Indonesia rose 0.8 percent and
0.4 percent respectively, with Indonesia extending gains into a
third straight session.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Pct Move
Singapore 2830.63 2817.07 0.48
Bangkok 1477.54 1477.34 0.01
Manila 7571.15 7358.21 2.89
Jakarta 5430.048 5410.303 0.36
Kuala Lumpur 1667.57 1653.71 0.84
Ho Chi Minh 682.02 680.95 0.16
Change on year
Market Current End 2015 Pct Move
Singapore 2830.63 2882.73 -1.81
Bangkok 1477.54 1288.02 14.71
Manila 7571.15 6952.08 8.90
Jakarta 5430.048 4593.008 18.22
Kuala Lumpur 1667.57 1692.51 -1.47
Ho Chi Minh 682.02 579.03 17.79
(Reporting by Susan Mathew; Editing by Subhranshu Sahu)