September 27, 2017 / 11:09 AM / 23 days ago

RPT-SE Asia Stocks-Philippines snaps 3-day losing streak; Singapore rises

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    By Aaron Saldanha
    Sept 27 (Reuters) - Most Southeast Asian stock markets
trimmed losses to end flat on Wednesday, as investors digested
comments by U.S. Federal Reserve Chair Janet Yellen on a
possible rate increase, with the Philippine index snapping three
sessions of declines and Singapore up on financials.
    Yellen said on Tuesday that it would be "imprudent" to keep
monetary policy on hold until inflation is back up to 2 percent.

    Philippine shares rose 0.6 percent, recovering from a
0.7 percent drop earlier in the day.
    As of Tuesday's close, the Philippine index, the region's
second best performer this year, has shed 1.8 percent from a
record high touched last Thursday.
    Energy Development Corp was the top percentage
gainer on the index, closing up 12.9 percent at 5.42 pesos on
market speculation over a possible delisting.
    "There have been a lot of buyers in hopes that when the
company gets fully delisted, some shares still need to be
tendered," said Theodore Tan, an analyst with Manila-based AP
Securities. "They are hoping shares to be 7.00-7.25 pesos per
share." 
    The Singapore index closed 0.8 percent higher on 
financials, with DBS Group Holdings, the city-state's
biggest lender by market capitalisation, and United Overseas
Bank propping up the index.
    A likely Fed rate hike in December is causing optimism in
the sector, said a Singapore-based analyst who declined to be
named.    
    Thai equities closed little changed after the
country's central bank kept the benchmark interest rate
unchanged at 1.5 percent, as expected. 
    Indonesia and Malaysia were down marginally,
while Vietnam slipped 0.2 percent.
       
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3236.15      3212.04         0.75
  Bangkok         1670.27      1669.75         0.03
  Manila          8221.92      8170.14         0.63
  Jakarta         5863.027     5863.962        -0.02
  Kuala Lumpur    1764.24      1765.59         -0.08
  Ho Chi Minh     803.77       805.35          -0.20
                                               
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3236.15      2880.76         12.34
  Bangkok         1670.27      1542.94         8.25
  Manila          8221.92      6840.64         20.19
  Jakarta         5863.027     5296.711        10.69
  Kuala Lumpur    1764.24      1641.73         7.46
  Ho Chi Minh     803.77       664.87          20.89
 

 (Reporting by Aaron Saldanha in Bengaluru,; Additional
reporting by Chris Thomas; Editing by Biju Dwarakanath)
  

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