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SE Asia Stocks-Philippines posts record closing high; others lukewarm
October 9, 2017 / 11:07 AM / in 13 days

SE Asia Stocks-Philippines posts record closing high; others lukewarm

    Oct 9 (Reuters) - Philippine shares posted a record closing
high on Monday as expectations of a tax overhaul kept investors
upbeat.
    The country's Senate will discuss on Wednesday the tax
reform proposal, which is crucial to President Rodrigo Duterte's
ambitious plans to foster higher, sustainable growth.
    The tax measures, approved by the lower house of Congress in
May, seek to expand the value-added tax base, raise excise taxes
on fuel and automobiles, and slap levies on sugar-sweetened
beverages among other changes.
    The Philippine benchmark stock index rose 0.7
percent, helped by financial and industrials stocks. 
    JG Summit and Ayala Corp were the biggest
gainers, rising 2.9 percent and 2.4 percent respectively.
Electricity retailer Aboitiz Equity Ventures Inc
finished 2.3 percent higher.    
    Investors also waited for the August trade data due on
Tuesday.
    "I think the trade data will be positive, for say on a
weaker peso," said Edgar Lay, a junior analyst with AB Capital
Securities. 
    "Our exports are increasing compared to our imports... So,
the trade deficit will narrow this month."
    Meanwhile, most other Southeast Asian stock markets ended
slightly higher, tracking gains from broader Asia as the flow of
economic news remained generally supportive for global growth.

    Investors waited for the minutes of the U.S. Federal
Reserve's September meeting, due to be released on Wednesday.
    Thai shares erased early gains to end the session
slightly lower, though shares of airline operators rose after
the U.N. International Civil Aviation Organisation removed a red
flag against Thailand after it downgraded the country in June
2015 over safety concerns.
    Thai Airways International and Airports of
Thailand rose 3.2 percent and 2.2 percent,
respectively.
    Indonesian shares closed 0.2 percent higher, lifted
by consumer staples and energy stocks. Mining contractor United
Tractors Tbk gained 1.8 percent.
    Vietnam shares rose to their highest in over nine
years with financial and material stocks accounting for most of
the gains.    
    
SOUTHEAST ASIAN STOCK MARKETS
  Change on day                                    
  Market          Current      previous    Pct Move
                               close       
  Singapore       3291.56      3291.29     0.01
  Bangkok         1692.22      1695.97     -0.22
  Manila          8367.38      8310.88     0.68
  Jakarta         5914.933     5905.378    0.16
  Kuala Lumpur    1764.03      1764        0.00
 Ho Chi Minh      808.96       807.8       0.14
                                           
  Change so far                            
 this year                                 
  Market          Current      End 2016    Pct Move
  Singapore       3291.56      2880.76     14.26
  Bangkok         1692.22      1542.94     9.68
  Manila          8367.38      6840.64     22.30
  Jakarta         5914.933     5296.711    11.67
  Kuala Lumpur    1764.03      1641.73     7.45
 Ho Chi Minh      808.96       664.87      21.70
    
For Asian Companies click;  

 (Reporting by Shanima A in Bengaluru; Editing by Subhranshu
Sahu)
  

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