By Anusha Ravindranath
Jan 10 Most Southeast Asian stock markets rose
on Tuesday, with Philippines heading for a sixth straight
session of gains and Singapore hitting a 14-month high, as
encouraging economic data from China kept sentiment upbeat.
China's producer price index jumped past expectations to
more than five-year highs in December, suggesting that the
world's second-largest economy continued to show signs of
stabilisation. On the other hand, the country's consumer
inflation remained benign as food prices rose at a more modest
Philippine stocks rose as much as 1.2 percent to
their highest in two months with financials and utilities
driving the gains. SM Prime Holdings Inc added 2.8
percent and Manila Electric Co gained 3.2 percent.
"We are seeing some renewed confidence in the market as a
result of positive developments abroad," said Lexter Azurin,
head of research at Unicapital Securities in Manila.
"The current administration is keen on luring investments
from China, so any economic development there would affect our
market in a bigger way in the next few years or so."
Singapore shares were headed for a sixth consecutive
session of gains, helped by financial and consumer goods stocks.
CapitaLand Commercial Trust was the top performer with
a rise of 1.3 percent, while Oversea-Chinese Banking Corp Ltd
climbed 1.2 percent.
Thai shares rose as much as 0.5 percent, buoyed by
gains in financials and industrials, while Vietnam was
Jakarta shed as much as 0.5 percent, dragged down by
consumer non-cyclicals and telecom stocks. The Indonesian
government revised its tax rules for transfer pricing
documentation which is likely to impact hundreds of
multinational companies operating in the country.
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0427 GMT
Market Current Previous Pct Move
Singapore 2988.77 2981.54 0.24
Bangkok 1568.49 1564.08 0.28
Manila 7369.74 7276.34 1.28
Jakarta 5309.565 5316.364 -0.13
Kuala Lumpur 1670.7 1667.9 0.17
Ho Chi Minh 681.58 682.57 -0.15
Change so far
Market Current End 2016 Pct Move
Singapore 2988.77 2880.76 3.75
Bangkok 1568.49 1542.94 1.65
Manila 7369.74 6840.64 7.7
Jakarta 5309.565 5296.711 0.24
Kuala Lumpur 1670.7 1641.73 1.76
Ho Chi Minh 681.58 664.87 2.5
(Reporting by Anusha Ravindranath in Bengaluru; Editing by