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SE Asia Stocks-Largely up; Philippines rebounds on bargain-hunting
March 13, 2017 / 5:47 AM / 8 months ago

SE Asia Stocks-Largely up; Philippines rebounds on bargain-hunting

    By Ambar Warrick
    March 13 (Reuters) - 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
Wednesday. 
    Fed Chair Janet Yellen signalled last week that the U.S.
central bank would likely hike rates at its March 14-15 policy
meeting.
    "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.
       
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS; Change at 0432 GMT 

    
  Market           Current       Previous     Pct Move
                                 Close        
  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                               
 this year                                    
  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
Mohan)
  

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