December 18, 2017 / 4:45 AM / a month ago

SE Asia Stocks-Philippines recovers on bargain-hunting; Vietnam up 1.5 pct

    By Nikhil Nainan
    Dec 18 (Reuters) - Philippine stocks rose 0.5 percent on
Monday as investors hunted for bargains after Friday's sharp
fall, while Vietnam shares jumped nearly 1.5 percent with
financials and utilities driving the surge.
    Real estate stocks such as SM Prime Holdings Inc
and Ayala Land were the biggest gainers in the
Philippines. SM Prime climbed as much as 2.2 percent, while
Ayala Land rose up to 1.4 percent. 
    Investor sentiment was also upbeat after the World Bank said
after market hours on Friday that the Philippine economy is
expected to expand at a slightly quicker pace in 2017 than
earlier forecast.  
    "The market went down sharply on Friday, and today is some
bargain-hunting ahead of a possible window dressing by the end
of the year," said Manny Cruz, an analyst with Asiasec Equities
Inc in Manila.
    The Philippine Stock Exchange PSEI Index, which has
been Southeast Asia's second best performer this year with a
gain of about 22 percent as of Friday's close, had shed 1.5
percent in the previous session.    
    Last week, it had added 0.4 percent as the Congress approved
a much-awaited tax reform bill that President Rodrigo Duterte
needs to push ahead to realise his economic agenda.
    Cruz said, "This will be the backbone of the government in
the structural development starting next year."
    Vietnam shares rose as much as 1.6 percent with
Petrovietnam Gas Joint Stock Corp and Joint Stock
Commercial Bank for Foreign Trade of Viet Nam leading
the gains.
    Petrovietnam Gas rose 4.4 percent, while Joint Stock
Commercial Bank for Foreign Trade of Viet Nam was up 2.9
percent.    
    Singapore shares dropped 0.3 percent with Singapore
Telecommunications declining over 3 percent.
    Data showed that the city-state's non-oil exports growth
slowed significantly to 9.1 percent in November, compared with
October's double-digit surge.
    Indonesian stocks fell 0.5 percent, hurt by losses
in consumer discretionary and financial stocks. 
    An index of the country's 45 most liquid stocks
fell as much as 0.7 percent.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: 
 Change at 0359 GMT                                 
 Market                   Current   Previous close  Pct Move
 Singapore                3408.48   3416.94         -0.25
 Bangkok                  1720.44   1717.69         0.16
 Manila                   8381.97   8337.04         0.54
 Jakarta                  6090.807  6119.419        -0.47
 Kuala Lumpur             1749.85   1753.07         -0.18
 Ho Chi Minh              948.83    935.16          1.46
                                                    
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3408.48   2880.76         18.32
 Bangkok                  1720.44   1542.94         11.50
 Manila                   8381.97   6840.64         22.53
 Jakarta                  6090.807  5296.711        14.99
 Kuala Lumpur             1749.85   1641.73         6.59
 Ho Chi Minh              948.83    664.87          42.71
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Subhranshu Sahu)
  
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