September 27, 2018 / 10:05 AM / 8 months ago

SE Asia Stocks-Philippines bounces back on window dressing; Indonesia gains most

    * Indonesia, Philippine cenbanks raise rates as expected
    * Singapore snaps six-session winning streak
    * Vietnam posts more than three-month closing high

    By Devika Syamnath
    Sept 27 (Reuters) - Philippine shares bounced back
from earlier falls on Thursday, snapping two straight sessions
of falls on the back of window dressing and bargain-buying,
while Indonesian stocks rose 1 percent after three
consecutive sessions of declines.    
    The Philippine central bank raised its benchmark interest
rate by 50 basis points on Thursday to tame inflation and
support the struggling peso. 
    "There's some amount of traditional quarter-end window
dressing which boosted selected blue-chip issues and that helped
the market to edge higher," said Manny Cruz, an analyst with
Asiasec Equities Inc.
    Window dressing refers to the practice where portfolio
managers try to improve the appearance of a fund's performance
near the year- or quarter-end.
    Industrial and real estate stocks led the gains with SM
Investments Corp and Ayala Land Inc adding 2.9
percent and 2.1 percent, respectively.      
    "The second factor is, that the market has been over-sold
for the past several days and inspired some bargain hunting ...
Investors are hoping to get some relief in depreciation of
peso," said Cruz.
    Consumer staple and material stocks helped Indonesian
equities gain.
    Indonesia's central bank raised its benchmark interest rate
by 25 basis points, as anticipated, marking its fifth increase
since May to keep its financial market stable amid an emerging
market selloff.
    Unilever Indonesia Tbk was the biggest support, up
2.3 percent, while Gudang Garam climbed 3.1 percent. 
    Vietnam shares posted their highest close in over
three months, helped by real estate and consumer staple stocks,
while Thailand closed 0.2 percent higher, boosted by
    Thailand's Siam Commercial Bank rose 2.4 percent
and was the top help to the index.
    Singapore shares gave up earlier gains and closed
lower for the first time in seven sessions.
    Financials and industrials were the biggest drags with index
heavyweights United Overseas Bank Ltd and Genting
Singapore Ltd shedding 1.1 percent and 1.9  percent,
For Asian Companies click;  

 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3236.26   3239.1          -0.09
 Bangkok         1752.95   1749.93         0.17
 Manila          7320.59   7268.21         0.72
 Jakarta         5929.216  5873.271        0.95
 Kuala Lumpur    1798.64   1798.72         0.00
 Ho Chi Minh     1015.37   1009.61         0.57
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3236.26   3402.92         -4.90
 Bangkok         1752.95   1753.71         -0.04
 Manila          7320.59   8558.42         -14.46
 Jakarta         5929.216  6355.654        -6.71
 Kuala Lumpur    1798.64   1796.81         0.10
 Ho Chi Minh     1015.37   984.24          3.16
 (Reporting by Devika Syamnath in Bengaluru; Editing by
Subhranshu Sahu)
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