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SE Asia Stocks-Philippines recovers to over 1-month high; earnings in focus
July 21, 2017 / 10:20 AM / a month ago

SE Asia Stocks-Philippines recovers to over 1-month high; earnings in focus

    By Ambar Warrick
    July 21 (Reuters) - Philippine stocks recovered toward the
end of the session to close more than 1 percent higher on
Friday, while investors in the region focussed on corporate
earnings for future market direction.
    "Heading into the close, buying activity substantially
picked up, pushing the market up to close on its highs as
investors positioned themselves for President Duterte's Monday
SONA," SB Equities said in a research note.
    Shares in the Philippines reversed early losses to
close at their highest in more than one month, led by real
estate and industrial stocks. The benchmark index gained 1.3
percent this week.
    Property developer SM Prime Holdings closed up 3.7
percent, while power generator Aboitiz Equity Ventures
ended 4.1 percent higher.
    "A major point of focus for market participants right now is
corporate earnings," said Taye Shim, head of research at
Jakarta-based Mirae Asset Sekuritas .
    Singapore ended 0.64 percent higher, led by
financials and real estate shares. The benchmark index was up
0.8 percent for the week.
   "Manufacturing-driven economies are actually looking better
as compared to their commodity-driven peers due to some
uncertainty over commodity prices for the rest of the year,"
said Shim.
    United Overseas Bank closed 1.35 percent higher,
while real estate investor CapitaLand Ltd closed up
1.36 percent at a near three-month high. 
    Indonesian shares ended 1.03 percent lower, pulled
down by financial and consumer discretionary shares. The
benchmark index shed 1.1 percent in its worst week in six.
    "Recent optimisim over Indonesia's economy has been weighed
down with concerns over commodity prices as well as government
spending," added Shim. "Investors are waiting to see exactly how
the Indonesian economy will navigate these challenges."
    The index of the region's 45 most liquid stocks
ended at a more-than-one-month low.
    Consumer goods conglomerate Astra International
ended down 4 percent at a more-than-four-month low, while Bank
Mandiri closed 3.33 percent lower.
    
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SOUTHEAST ASIAN STOCK MARKETS
       
  Change on the day                                         
  Market                   Current      previous    Pct Move
                                        close       
  Singapore                3314.12      3293.13     0.64
  Bangkok                  1573.51      1575.28     -0.11
  Manila                   7989.73      7904.34     1.08
  Jakarta                  5765.424     5825.208    -1.03
  Kuala Lumpur             1759.16      1755.63     0.20
  Ho Chi Minh              761.86       768.41      -0.85
                                                    
  Change so far in 2017                             
  Market                   Current      End 2016    Pct Move
  Singapore                3314.12      2880.76     15.04
  Bangkok                  1573.51      1542.94     1.98
  Manila                   7989.73      6840.64     16.8
  Jakarta                  5765.424     5296.711    8.85
  Kuala Lumpur             1759.16      1641.73     7.15
  Ho Chi Minh              761.86       664.87      14.59
 
 (Reporting by Ambar Warrick in Bengaluru; Additional reporting
by Neiljerome Morales; Editing by Sunil Nair)
  

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