October 3, 2018 / 10:28 AM / 2 months ago

SE Asia Stocks-Philippines, Singapore recover on bargain-hunting

    By Niyati Shetty
    Oct 3 (Reuters) - The Philippine index snapped a three-day
losing streak on Wednesday and ended more than 1 percent higher
as investors picked up battered shares while Singapore hit a
near eight-week closing high, helped by gains in financials and
consumer stocks.
    The Manila index rose 1.1 percent to 7210.87, led by
gains in real estate and industrial stocks. Ayala Land
rose 3.1 percent while JG Summit Holdings jumped 4
percent. 
    "Most likely, some investors are trying to find bargains as
7,100 is expected to be a technical support level. But, the
rally is not driven by fundamentals," said April Lee-Tan, head
of research at COL Financial INC. 
    Meanwhile, investors are keenly awaiting Philippines annual
inflation data due on Friday. The annual inflation rate likely
continued to climb in September, a Reuters poll showed, keeping
pressure on the country's central bank to raise interest rates
further.
   "The market has been anticipating a bad number."
    Among other markets in the region, the Singapore index
 rose 0.8 percent, led by lender DBS Holdings,
up 1.3 percent, and Thai Beverage, up 6 percent. 
    Indonesian shares finished 0.1 percent lower,
dragged down by consumer staples and materials sectors, as
caution set in after the country's central bank governor said
interest rates must be increased before the Federal Reserve
raises U.S. rates to avoid "drastic capital reversals".
    
    The index of the country's 45 most liquid stocks
was down 0.4 percent.
    Thai shares slid 0.4 percent while the Vietnam index
 fell 0.2 percent. 
         
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3267.4    3242.65         0.76
 Bangkok            1741.96   1748.09         -0.35
 Manila             7210.87   7132.36         1.10
 Jakarta            5867.737  5875.619        -0.13
 Kuala Lumpur       1796.3    1798.15         -0.10
 Ho Chi Minh        1020.4    1018.79         0.16
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3267.4    3402.92         -3.98
 Bangkok            1741.96   1753.71         -0.67
 Manila             7210.87   8558.42         -15.75
 Jakarta            5867.737  6355.654        -7.68
 Kuala Lumpur       1796.3    1796.81         -0.03
 Ho Chi Minh        1020.4    984.24          3.67
 
 (Reporting by Niyati Shetty; Editing by Vyas Mohan)
  
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