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SE Asia Stocks-Philippines climbs to record high, others subdued
September 14, 2017 / 4:53 AM / 2 months ago

SE Asia Stocks-Philippines climbs to record high, others subdued

    By Chris Thomas
    Sept 14 (Reuters) - Philippine shares climbed more than 1
percent to a record high on Thursday, led by industrial and real
estate stocks, while other Southeast Asian stock markets were
muted.
    The Philippine index rose 1.3 percent to touch an
all-time high of 8,155.68, and was headed for its third straight
session of gains.
    Heavyweights SM Prime Holdings and SM Investments
Corp drove the index, gaining as much as 3 percent and
2.1 percent, respectively.
    "It seems money is now coming back after the ghost month.
But the volume is not significant, so it's too early to say that
this is sustainable," said Joseph Roxas, president of
Manila-based Eagle Equities Inc.
    Analysts say China's "ghost season" stalls momentum in the
markets as some Chinese investors reduce trading during this
period.    
    "There's an added boost from Wall Street and some investors
are also hopeful that the Senate will pass the tax reform
measures next month," said Luis Gerardo Limlingan, managing
director at Regina Capital Development Corp.
    The lower house of Congress in the Philippines passed the
tax reform bill in May aimed at generating revenue to fund a
multi-billion dollar infrastructure program key to the
government's economic agenda, but the bill still needs Senate
approval.
    Morgan Stanley on Wednesday upgraded the Philippines to
"overweight", recommending it as the top pick in Southeast Asia,
citing earnings growth and tangible action on infrastructure
announcements and tax reform.
    Thai shares rose as much as 0.3 percent and were set
for their 10th session of gains in 11.
    Petrochemical manufacturer Indorama Ventures Pcl
led gains on the index, rising as much as 5.5 percent to hit its
highest in over six years, while oil and gas refiner PTT Pcl
 added nearly 1 percent.
    Indonesian shares edged up 0.4 percent, while an
index of the country's 45 most liquid stocks rose 0.5
percent.
    Meanwhile, Singapore shares fell as much as 0.3
percent, weighed down by top lender DBS Group Holdings
which slipped 0.6 percent to its lowest since June 28.
Singapore's total employment in the second quarter declined by
7,300, data showed. 
    
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0358 GMT
    
  Change on day                                           
  Market           Current       Previous Close  Pct Move
  Singapore        3219.67       3230.36         -0.33
  Bangkok          1647.78       1642.94         0.29
  Manila           8155.11       8053.88         1.26
  Jakarta          5855.826      5845.734        0.17
  Kuala Lumpur     1784.73       1786.07         -0.08
  Ho Chi Minh      805.39        802.78          0.33
                                                 
  Change on year                                 
  Market           Current       End 2016        Pct Move
  Singapore        3219.67       2880.76         11.76
  Bangkok          1647.78       1542.94         6.79
  Manila           8155.11       6840.64         19.22
  Jakarta          5855.826      5296.711        10.56
  Kuala Lumpur     1784.73       1641.73         8.71
  Ho Chi Minh      805.39        664.87          21.13
 

 (Reporting by Chris Thomas in Bengaluru; Additional reporting
by Enrico Delacruz in Manila; Editing by Amrutha Gayathri)
  

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