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SE Asia Stocks-Philippines rallies on Q2 GDP; Indonesia up ahead of rate decision
August 29, 2013 / 7:52 AM / 4 years ago

SE Asia Stocks-Philippines rallies on Q2 GDP; Indonesia up ahead of rate decision

BANGKOK, Aug 29 (Reuters) - Philippine shares rallied on
Thursday as robust economic expansion in the second quarter and
the prospect of further growth helped stocks recoup losses in
the oversold market, while Indonesia gained almost 2 percent
ahead of the central bank's policy decision.
    The Philippine index was up 3.7 percent, recovering
about half of its 7 percent loss over the past two sessions and
bouncing from the oversold mark, with trading most active in
large cap SM Investments Corp and Alliance Global Group
    The benchmark's 14-day relative strength index (RSI) was at
34.8, after drifting into the 'oversold' mark of below 30 on
Tuesday and Wednesday.
    Investors rewarded the market after the better-than-expected
economic data ranked Philippines as one of the two fastest
growing economies in Asia. 
    "Philippine economy is a more resilient one and so it's a
strong reaction today," said Singapore-based economist Eugene
Leow at DBS Group Research.
    Jakarta's Composite Index was up 1.7 percent, after
gaining more than 1 percent on Wednesday and further pulling its
14-day RSI value up from deeply oversold levels.
    Indonesia's central bank is expected to raise interest rates
later on Thursday in its latest attempt to defend the plunging
rupiah. Analysts said the rate hike would help manage
inflationary pressures and maintain economic stability.
    Buying was broad-based, led by the large cap Astra
International. Shares in state-owned companies
extended their gains from the previous session, including
property developer Pembangunan Perumahan, amid a share
buy-back plan.
    Others in Southeast Asia were broadly higher, tracking gains
in Asia as fears abated that U.S.-led forces would soon launch a
military strike on Syria, and oil prices retreated from a
six-month peak. 
    The Thai SET index inched up 0.3 percent, after 10 sessions
of losses that sent the benchmark to a nine-month low. Stocks in
Singapore and Malaysia staged a mild rebound
while Vietnam shares were flat, after earlier gains amid
bargain hunting.  
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 Change at 0715 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   375.27        370.64       +1.25 
 Singapore          3030.28       3004.18       +0.87
 Kuala Lumpur       1705.11       1686.17       +1.12
 Bangkok            1278.95       1275.56       +0.25
 Jakarta            4094.95       4026.48       +1.70
 Manila             5951.90       5738.06       +3.73
 Ho Chi Minh         472.54        473.30       -0.16

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