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SE Asia Stocks-Philippines jumps nearly 2 pct to record close
November 2, 2017 / 10:30 AM / 20 days ago

SE Asia Stocks-Philippines jumps nearly 2 pct to record close

    By Devika Syamnath
    Nov 2 (Reuters) - Philippine shares surged nearly 2
percent to a record close on Thursday, underpinned by hopes of
robust economic growth in the third quarter, while other
Southeast Asian markets closed lower, with Indonesia slipping
from an all-time peak.
    The Philippine index closed 1.8 percent higher, with
financials and real estate stocks accounting for the gains, as
the market resumed trading after a two-day holiday.
    "Investors are optimistic that third-quarter numbers will be
 better than expected," said Jose L. Vistan, research head at
Manila-based AB Capital Securities.
    The country's third-quarter inflation data is due on Nov. 7
and gross domestic product data is due on Nov. 16. 
    Property developer Megaworld was among the top
gainers on the index, closing up 6.9 percent at its highest in
over two-and-a-half years, after saying it would turn over 1,000
residential units in Makati Central Business District this year
for a total sales value of 9 billion pesos ($175.1 million).
 
    Meanwhile, other stock markets in the region declined ahead
of the nomination of the next head of the U.S. Federal Reserve.
    The White House plans to nominate current Fed Governor
Jerome Powell as the next chair when Janet Yellen's term expires
in February, a source familiar with the matter said on
Wednesday.
    "The most important factor right now is whether the new Fed
chair would tighten quantitative easing faster than what market
expects," said Taye Shim, head of research at Jakarta-based
Mirae Asset Sekuritas.
    Singapore shares closed down 0.3 percent, dragged by
the banking sector, with heavyweight Oversea-Chinese Banking
Corp shedding 1.2 percent. 
    Indonesia retreated from a record high scaled earlier in the
session, closing down marginally, as investors booked profits. 
    "Foreigners are still buying Indonesian equities so no big
change in sentiment, it is primarily driven by local
institutions taking profit," said Shim.
    Consumer staples such as Unilever Indonesia, which
fell 1.1 percent, weighed down the index.
    "Prolonged low inflation environment is likely to keep
business environment unfriendly for staples manufacturers," said
Shim.
    Indonesia's annual inflation rate eased for a fourth
straight month in October, reaching its lowest level since
January.

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
  Change on  day                                       
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3380.5        3391.61      -0.33
  Bangkok          1701.93       1714.55      -0.74
  Manila           8516.02       8365.26      1.80
  Jakarta          6031.107      6038.146     -0.12
  Kuala Lumpur     1741.05       1743.93      -0.17
 Ho Chi Minh       833.09        842.71       -1.14
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3380.5        2880.76      17.35
  Bangkok          1701.93       1542.94      10.30
  Manila           8516.02       6840.64      24.49
  Jakarta          6031.107      5296.711     13.87
  Kuala Lumpur     1741.05       1641.73      6.05
  Ho Chi Minh      833.09        664.87       25.30
 
($1 = 51.4130 Philippine pesos)

 (Reporting by Devika Syamnath, Additional reporting by Sumeet
Gaikwad; Editing by Amrutha Gayathri)
  

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