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SE Asia Stocks-Philippines hits record high; others cautious ahead of Fed meet
September 18, 2017 / 4:48 AM / a month ago

SE Asia Stocks-Philippines hits record high; others cautious ahead of Fed meet

    By Binisha Ben
    Sept 18 (Reuters) - Philippine shares hit an all-time high
on Monday, while other markets in the region were cautious at
the start of a week in which the U.S. Federal Reserve is likely
to address its bloated balance sheet as part of a long reversal
of super-cheap money worldwide.
    The Philippine main stock index was up as much as 0.2
percent, hitting a record high of 8,197.65 
    A tax reform package, which comes up for discussion later
this week, has led to optimism in the market, said Lexter
Azurin, an analyst with Manila-based AB Capital Securities.
    In May, lower house of Congress in the Philippines passed
the tax reform bill aimed at generating revenue for a
multi-billion dollar infrastructure program key to the
government's economic agenda, but the bill still needs Senate
approval.
    China's ghost month, which analysts say stalls momentum in
the markets as some Chinese investors reduce trading during this
period, nearing an end this week also has fund mangers
positioning and starting to bet on select names, Azurin added.
    Globally, the main event for markets will be the Fed  meet
on Tuesday and Wednesday where it is likely to take another step
toward normalisation on what is rapidly becoming a global
trend.
    Singapore shares were up as much as 1.2 percent, the
highest since Sept. 7, with DBS Group and
Oversea-Chinese Banking Corp climbing 2.1 and 1.4
percent, respectively.
    The index was also helped by August non-oil domestic exports
(NODX) surging from a year earlier at their strongest pace in
six months, led by solid shipments of electronics and robust
sales to China, data showed
    The Thai index rose 0.6 percent, extending gains for
a third session, boosted by industrials and energy stocks.

    Airports of Thailand and oil and gas refiner PTT
Pcl led the gains, rising as much as 1.3 percent and 2
percent, respectively.
    Meanwhile Indonesian shares were slightly lower with
materials and consumer discretionary stocks weighing down the
index.   
    The index of the country's 45 most liquid stocks
fell 0.3 percent.    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0423 GMT
    
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3242.12       3209.56      1.01
  Bangkok          1671.38       1660.53      0.65
  Manila           8197.65       8180.85      0.21
  Jakarta          5859.062      5872.392     -0.23
  Kuala Lumpur     1785.74       1786.33      -0.03
  Ho Chi Minh      807.07        805.82       0.16
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3242.12       2880.76      12.54
  Bangkok          1671.38       1542.94      8.32
  Manila           8197.65       6840.64      19.84
  Jakarta          5859.062      5296.711     10.62
  Kuala Lumpur     1785.74       1641.73      8.77
  Ho Chi Minh      807.07        664.87       21.39
 
 (Reporting by Binisha Ben in Bengaluru; Editing by Sunil Nair)
  

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