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SE Asia Stocks-Philippines posts over 8-mth closing high; others flat to lower
May 5, 2017 / 10:17 AM / 5 months ago

SE Asia Stocks-Philippines posts over 8-mth closing high; others flat to lower

    By Christina Martin
    May 5 (Reuters) - Philippine shares rose 1 percent on Friday
to post their highest close since August 2016, supported by
positive inflation data and foreign investor buying, while other
Southeast Asian markets finished flat to lower, hurt by a
decline in commodity prices.
    The Philippine stock index rose as much as 2 percent
before closing 1.1 percent higher, adding 2.4 percent for the
week in its second straight such gain.
    The annual rate of consumer price inflation was unchanged at
3.4 percent in April, slightly below economists' forecast for an
increase to 3.5 percent, and within the central bank's 3.0-3.8
percent projection for the month.
    "Foreign investment flows have been coming into the market,
so that's been helping the buying pressure to be sustained,"
said Victor Felix, an equity analyst with AB Capital Securities.
    "Also, we're going to be expecting relatively good
first-quarter earnings for 2017, so the market is positioning
ahead of that."
    Meanwhile, fresh falls in commodity prices raised concerns
about the health of the global economy.  
    Chinese iron ore futures fell nearly 7 percent in
opening trades, and copper held near four-month lows following
its biggest one-day drop in 20 months in the previous session.

    Oil prices fell further on Friday to be mired at five-month
lows after tumbling in the previous session, as concerns about
global oversupply wiped out all of the price gains since OPEC's
move to cut output.
    Thai shares closed 0.3 percent lower, but clocked a
weekly gain of 0.2 percent. Malaysian shares eked out
small gains, but posted a weekly fall of 0.3 percent.  
    Indonesian shares closed 0.3 percent higher, after
data showed that first-quarter GDP grew 5.01 percent on firmer
export prices of some commodities and stronger demand in major
trading partners.
    For the week, Indonesia closed slightly down, after two
straight weeks of gains. 
    Singapore shares finished flat, while Vietnam
fell 0.3 percent. 
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on day    
  Market           Current   Previous Close  Pct Move
  Singapore        3229.73   3228.62         0.03
  Bangkok          1569.02   1573.05         -0.26
  Manila           7841.99   7755.75         1.11
  Jakarta          5683.377  5669.443        0.25
  Kuala Lumpur     1762.74   1758.67         0.23
  Ho Chi Minh      720       722.02          -0.28
                                             
  Change on year                             
  Market           Current   End 2016        Pct Move
  Singapore        3229.73   2880.76         12.11
  Bangkok          1569.02   1542.94         1.69
  Manila           7841.99   6840.64         14.64
  Jakarta          5683.377  5296.711        7.30
  Kuala Lumpur     1762.74   1641.73         7.37
  Ho Chi Minh      720       664.87          8.29
 

 (Reporting by Christina Martin; Editing by Subhranshu Sahu)
  

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