SE Asia Stocks -Philippines rises after S&P upgrade boosts inflows; Thai shares lag on week
BANGKOK, May 9 (Reuters) - Philippine shares rose to their highest in 11 months on Friday as market cheered the surprise Standard & Poor's credit rating upgrade, while Thai stocks suffered their worst weekly drop in 19 weeks as the political stalemate hurt investor sentiment. The Philippine main index was up 1.2 percent, ending the week up 1.6 percent, a seventh consecutive week. The market rally took its year to date gain to 14.8 percent in terms of local currency, Asia's best performing market. S&P raised the Philippines' credit rating to two notches above investment grade, the first debt watcher to do so, saying reforms are likely to continue beyond the administration of President Benigno Aquino. The report came late on Thursday. Philippine bourse recorded a net foreign inflow of 758 million peso ($17.2 million) on the day, the biggest in more than one week, according to Thomson Reuters and stock exchange data. In Bangkok, foreign investors further cut positions in shares, sending the SET index 0.1 percent lower on the day and down 3.1 percent on the week, Southeast Asia's second worst performer after Vietnam, which was down 6.2 percent. Thai police fired teargas on Friday at royalist protesters bent on bringing down a caretaker government after a court threw Prime Minister Yingluck Shinawatra out of office and an anti-graft agency indicted her for negligence. 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* 419.16 417.95 +0.29 Singapore 3252.13 3247.69 +0.14 Kuala Lumpur 1866.72 1862.84 +0.21 Bangkok 1377.37 1379.02 -0.12 Jakarta 4898.14 4860.89 +0.77 Manila 6847.26 6765.21 +1.21 Ho Chi Minh 542.26 527.09 +2.92 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 419.16 388.37 +7.93 Singapore 3252.13 3167.43 +2.67 Kuala Lumpur 1866.72 1866.96 -0.01 Bangkok 1377.37 1298.71 +6.06 Jakarta 4898.14 4274.18 +14.60 Manila 6847.26 5889.83 +16.26 Ho Chi Minh 542.26 504.63 +7.46 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1 = 44.1825 Philippine Pesos) (Reporting by Viparat Jantraprap; Editing by Anand Basu)
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