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6 months ago
SE Asia Stocks-Singapore hits 15-mth high on strong corporate earnings
February 9, 2017 / 5:07 AM / 6 months ago

SE Asia Stocks-Singapore hits 15-mth high on strong corporate earnings

By Urvashi Goenka
    Feb 9 (Reuters) - Singapore shares hit a 15-month high on
Thursday, bouncing back  from the previous session's losses, on
the back of strong corporate earnings and as oil prices
steadied.
    The FTSE Straits Times Index rose as much as 0.8
percent to its highest since October 2015 with financial and
telecom stocks driving the gains. 
    "A good results season and recovery in oil prices have
boosted sentiment," said Linus Loo, head of research at Lim &
Tan Securities.
    Singapore Telecommunications Ltd, the city-state's
biggest telecom firm by market value, gained as much as 1.3 
percent to a one-week high on upbeat quarterly results.
    "In Singapore, we expect banks to do well this season in the
rising interest rate environment," said Loo.    
    Keppel Corp Ltd rose 0.8 percent and Sembcorp
Industries Ltd gained 1.6 percent as oil prices
stabilised, boosted by an unexpected draw in U.S. gasoline
inventories, although bloated crude prices meant that fuel
prices remained under pressure. 
    Real estate firms CapitaLand Commercial Trust Ltd 
rose 1.6 percent and UOL Group Ltd climbed 1.5
percent.
    Meanwhile, Asian shares rose to their highest since July
2015 as investors grew more confident about the Chinese economy,
while the dollar slightly firmed in the wake of growing concerns
over political instability in Europe. 
    A rally in commodity prices in recent weeks led by copper
and iron ore along with gentle policy tightening by Beijing via
money market rates, had led to a more optimistic view of Chinese
corporate earnings, analysts said.
    Earnings growth for MSCI China is expected at nearly 15
percent over the next 12 months, slightly ahead of 13 percent
projected for companies in MSCI Asia outside Japan, according to
Thomson Reuters data.
    Indonesian shares were marginally up, mainly
supported by financial stocks.
    Moody's Investors Service upgraded its credit outlook on
Indonesia to "positive" from "stable", praising its progress on
reforms and its efforts to keep finances under control despite
falling prices for its main commodity exports. 
    Philippine shares were flat ahead of the central
bank's policy meeting later in the day where it is expected to
keep rates unchanged. 
    Telecom and real estate stocks were the biggest gainers with
PLDT Inc and Globe Telecom Inc rising 3.4
percent and 1.3 percent, respectively.
    The Malaysian stock market was closed for a national
holiday.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0415 GMT    
  Market           Current   previous   Pct Move
                             close      
  Singapore        3085.1    3066.53    0.61
  Bangkok          1587.06   1589.29    -0.14
  Manila           7231.8    7234.82    -0.04
  Jakarta          5383.172  5361.088   0.41
 Ho Chi Minh       701.67    702.04     -0.05
  Change so far                         
 this year                              
  Market           Current   End 2016   Pct Move
  Singapore        3085.1    2880.76    7.09
  Bangkok          1587.06   1542.94    2.86
  Manila           7231.8    6840.64    5.72
  Jakarta          5383.172  5296.711   1.63
 Ho Chi Minh       701.67    664.87     5.53
 
 (Reporting by Urvashi Goenka; Additional reporting by Hanna
Paul; Editing by Subhranshu Sahu)

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