January 9, 2018 / 10:16 AM / 6 months ago

SE Asia Stocks-Philippines hits record high; Vietnam extends gains

    By Sandhya Sampath
    Jan 9 (Reuters) - Philippine shares jumped the most
in a year on Tuesday, hitting a record high on foreign buying,
while Vietnam climbed for a second straight session to a
fresh ten-year high.
    Asian shares ex-Japan were nearly flat in
afternoon trade, after paring gains and pulling away from the
cusp of a record high.
    "Asian markets are driven by the return of Japanese
investors from their holiday break. So, we can see buying from
those sources," said Manny Cruz, an analyst at Asiasec Equities
Inc in Manila.        
    Philippine shares closed 2 percent up at a record high of
8,923.72, with foreign investors net buying equities worth 1.42
billion pesos ($28.22 million).
    Financials and industrial stocks accounted for more than
half of the gains, with SM Prime Holdings Inc and
International Container Terminal Services Inc closing
up 3.4 percent and 2.5 percent, respectively. 
    "Buying from foreign funds is heightened by the fact that
recently President Rodrigo Duterte signed a tax reform program
that would spur infrastructure developments in the country,"
Cruz added.
    Vietnam shares rose 1 percent in their eleventh gaining
session out of twelve, marking their highest close since Nov.
2007.
    Financials and materials pushed the index up, with Joint
Stock Commercial Bank for Foreign Trade of Viet Nam
closing 5.6 percent higher.
    Singapore closed up 0.4 percent, after touching a
32-month high during the day. Financials and industrial stocks
were among the top gainers, with United Overseas Bank Ltd
 ending 2 percent higher.
    Thai shares ended largely flat while Indonesia's
benchmark index closed 0.2 percent lower, snapping three
straight sessions of gains as consumer staples and telecom
stocks fell.  
    An index of the country's 45 most liquid stocks
fell 0.3 percent.
    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS    
 Change on day                                 
 Market           Current     Previous close  Pct Move
 Singapore        3524.65     3512.18         0.36
 Bangkok          1795.21     1792.81         0.13
 Manila           8923.72     8745.12         2.04
 Jakarta          6373.144    6385.404        -0.19
 Kuala Lumpur     1826.95     1832.15         -0.28
 Ho Chi Minh      1033.56     1022.9          1.04
                                               
 Change on year                                
 Market           Current     End 2017        Pct Move
 Singapore        3524.65     3402.92         3.58
 Bangkok          1795.21     1753.71         2.40
 Manila           8923.72     8558.42         4.3
 Jakarta          6373.144    6355.654        0.28
 Kuala Lumpur     1826.95     1796.81         1.68
 Ho Chi Minh      1033.56     984.24          5.01
 
($1 = 50.3160 Philippine pesos)

    
 (Reporting by Sandhya Sampath; Editing by Vyas Mohan)
  
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