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SE Asia Stocks-Philippines climbs on gains in property stocks; Singapore falls
June 15, 2017 / 6:04 AM / 5 months ago

SE Asia Stocks-Philippines climbs on gains in property stocks; Singapore falls

    By Nicole Pinto
    June 15 (Reuters) - Philippine shares rose on
Thursday, driven by gains in  real estate stocks, while
Singapore was headed for a third session of fall in four,
dragged down by financials.
    Other Southeast Asian stock markets traded in a narrow range
as soft U.S. economic data and a relatively hawkish Federal
Reserve hurt investor sentiment.
    The Fed raised interest rates as expected on Wednesday and
gave a first clear outline on its plan to reduce its
$4.2-trillion portfolio of bonds.
    However, the Fed's decision and confidence in continued U.S.
economic growth was over-shadowed by surprisingly weak data
released earlier in the day.
    U.S. consumer prices unexpectedly fell in May while retail
sales recorded their biggest drop in 16 months.
    In Asia, China's central bank left interest rates for open
market operations unchanged on Thursday, shrugging off the Fed
rate hike.
    In the Philippines, real estate stocks accounted for more
than one-third of the gains on the benchmark stock index.
    "The Philippine property sector is generally interest rate-
sensitive," said Jeffrey Lucero, an equity research analyst with
RCBC Securities.
    "Since there were no surprises (in the Fed rate increase),
property stocks are rebounding."
    Vietnam shares hit a fresh nine-year high, rising as
much as 0.3 percent, with index heavyweight Vingroup JSC
 gaining 1.2 percent. 
    Malaysian shares touched a two-year high in early
trade, gaining as much as 0.2 percent, with one-third of the
gains concentrated in the financial sector. 
    CIMB Group Holdings Bhd gained 0.7 percent and
Malayan Banking Bhd rose 0.3 percent. 
    Singapore shares fell 0.6 percent with the financial sector
accounting for more than half of the losses. 
    United Overseas Bank Ltd and Oversea-Chinese
Banking Corp Ltd declined 1.6 percent and 0.9 percent
respectively. 
    Indonesian shares edged down even after data showed
exports and imports surged more than expected in
May.
    
 SOUTHEAST ASIAN STOCK MARKETS: Change at 0515 GMT
  Market           Current       previous     Pct Move
                                 close        
  Singapore        3232.87       3253.43      -0.63
  Bangkok          1578.08       1577         0.07
  Manila           8023.55       7966.01      0.72
  Jakarta          5779.91       5792.897     -0.22
  Kuala Lumpur     1792.74       1792.35      0.02
 Ho Chi Minh       760.87        760.77       0.01
                                              
  Change so far                               
 this year                                    
  Market           Current       End 2016     Pct Move
  Singapore        3232.87       2880.76      12.22
  Bangkok          1578.08       1542.94      2.28
  Manila           8023.55       6840.64      17.29
  Jakarta          5779.91       5296.711     9.12
  Kuala Lumpur     1792.74       1641.73      9.20
 Ho Chi Minh       760.87        664.87       14.44
 
 (Reporting by Nicole Pinto in Bengaluru; Editing by Subhranshu
Sahu)
  

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