CORRECTED-SE Asia Stocks-Philippine index nears 9-month high, other markets subdued
(Corrects reduction in poverty incidence to 18 percent, from 16.6 percent, in third paragraph) SINGAPORE, April 21 (Reuters) - Philippine shares rose to their highest in nearly nine months on Monday, boosted by the government's revised infrastructure spending plan, while holiday-thinned trade dragged on a mostly flat Southeast Asian market. In its first day of trade since last Wednesday, the benchmark Philippine Index edged up 1.4 percent, its highest since July 2013. The market was buoyed by news of the Aquino administration's revised Philippine Development Plan. Among the more ambitious aspects of the plan are a reduction in poverty incidence from 25.2 percent in 2012 to 18 percent in 2016. Infrastructure spending is also set to rise to 5 percent of GDP compared to less than 3 percent in 2013. Gains were led by property developer SM Prime Holdings and telecommunications firm Philippines Long Distance Telephone Co which rose 4 percent and 3.6 percent respectively. Other Southeast Asian markets edged up slightly on the back of weak trading activity following the Easter holidays, with Malaysia among the top gainers, rising 0.5 percent to hit its highest in two-and-a-half weeks. "There's been a hangover from the long weekend and the markets are still lacking direction," said a Singapore-based trader from UOB. "People are settling down after the M&A euphoria from the previous weeks." Singapore, Vietnam and Indonesia were all slightly higher. Markets in Hong Kong, Australia and New Zealand remain closed for the Easter Holidays. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 421.77 421.13 +0.15 Singapore 3256.68 3253.80 +0.09 Kuala Lumpur 1862.62 1852.69 +0.54 Bangkok 1412.82 1409.18 +0.26 Jakarta 4900.80 4897.05 +0.08 Manila 6761.28 6671.18 +1.35 Ho Chi Minh 565.97 565.33 +0.11 (Reporting by Andrew Toh; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.