November 8, 2018 / 4:17 AM / 13 days ago

SE Asia Stocks-Most gain; Philippines extends losses as GDP growth slows

    * Philippines slumps as Q3 GDP growth slows, misses forecast
    * Wall Street rallies after U.S. midterms, boosting Asian
shares
    * Indonesian shares hit 2-month high

    By Nikhil Subba
    Nov 8 (Reuters) - Most Southeast Asian stock markets rose on
Thursday, as Wall Street rallied after U.S. midterm elections,
boosting Asian equities, while the Philippines deepened its
slump after data showed that economic growth slowed in the third
quarter.
    Wall Street's main indexes rose more than 2 percent
overnight, while Asian stocks climbed to a one-month peak, as
Democrats won control of the House of Representatives and
President Donald Trump's Republican party expanded its Senate
majority, indicating the likelihood of a political gridlock in
Washington.
    "President Trump will have a lot more negotiations to do to
in terms of rolling out his infrastructure development,
additional tax cuts... and the market is taking that as a relief
factor," said Taye Shim, head of research at Mirae Asset
Sekuritas.
    Investors are also looking ahead to the U.S. Federal
Reserve's monetary policy decision due later on Thursday. The
Fed, however, is not expected to hike interest rates until its
next gathering in December. The Fed has tightened monetary
policy three times in 2018.
    Singapore shares rose as much as 1.1 percent, with
industrials and financials leading the gains. 
    Lender DBS Group Holdings climbed nearly 2 percent
while industrial conglomerate Jardine Matheson Holdings
 rose 1.7 percent to a three-week high.
    Indonesian shares rose as much as 1 percent to their
highest in two months on the back of gains in utilities.
    Malaysian shares rose 0.7 percent to a two-week
high, boosted by wins in industrials.
    The Philippines stock index declined as much as 1.2
percent to a two-week low and was on track for its third
straight losing session.  
    Gross domestic product (GDP) grew 6.1 percent in the third
quarter from a year earlier, below the 6.3 percent median
forecast in a Reuters poll and slower than the previous
quarter's upwardly revised 6.2 percent growth.
    Philippines' economic planning secretary said the
third-quarter growth numbers make reaching 2018 growth target
challenging.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0412 GMT
   
  Market           Current       Previous close  Pct Move
  Singapore        3093.48       3065.36         0.92
  Bangkok          1686.8        1675.33         0.68
  Manila           7006.54       7033.93         -0.39
  Jakarta          5969.347      5939.886        0.50
  Kuala Lumpur     1720.76       1714.88         0.34
  Ho Chi Minh      928.11        922.16          0.65
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        3093.48       3402.92         -9.09
  Bangkok          1686.8        1753.71         -3.82
  Manila           7006.54       8558.42         -18.13
  Jakarta          5969.347      6355.654        -6.08
  Kuala Lumpur     1720.76       1796.81         -4.23
  Ho Chi Minh      928.11        984.24          -5.70
 
 (Reporting by Nikhil Subba; Editing by Amrutha Gayathri)
  
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