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

Thursday, November 2 2017

SE Asia Stocks-Philippines jumps nearly 2 pct to record close SE Asia Stocks-Philippines jumps nearly 2 pct to record close Source : 16:00 hrs
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) SEARCH