SE Asia Stocks - Indonesia up for 2nd day; Philippines weak amid rate outlook
BANGKOK, Aug 28 (Reuters) - Stocks in Indonesia rose for a second day on Thursday as large-caps further recouped recent losses, while Philippine shares snapped a six-session winning streak amid expectations of higher interest rates after strong GDP data. Jakarta saw a bout of short-covering in recently battered blue-chips, which boosted shares of companies such as Bank Negara Indonesia, one of the country's top-tier lenders. The key index was up 0.4 percent, adding on a modest 0.36 percent rise on Wednesday. Indonesia's president-elect Joko Widodo discussed the national budget with the outgoing leader in Bali late on Wednesday, indicating the two administrations will cooperate in tackling massive fuel subsidies before the handover of power in October. The Philippine index fell 0.7 percent, trimming some of the 2.2 percent gains over six days to Wednesday. Shares of Philippine Long Distance Telephone retreated from Wednesday's record close. The Philippine economy grew at its fastest pace in more than a year in the second quarter even as government spending slowed, strengthening views the central bank will raise interest rates again to curb inflation. In Thailand, the SET index inched lower by midday, coming off a near 15-month closing high on Wednesday. Players sold recent gainers such as Krung Thai Bank, while top energy firm PTT eased amid weak global oil prices. The SET's 14-day Relative Strength Index (RSI) hovered near an overbought territory of 70 since Monday, prompting profit-taking, brokers said. Newly appointed Prime Minister General Prayuth Chan-ocha told European investors on Wednesday that his government was seeking to create a Thailand that would be more attractive for their long-term investments. "Valuation-wise, we think much of the markets fundamentals this year appear to have already been priced in, leaving more limited room for further upside," strategists at broker Phillip Securities said in a report. Stocks in Singapore and Malaysia were little-changed, in line with Asian stock markets. Vietnam was up 0.64 percent at the break, with securities firms attracting strong money inflows. Asian shares held steady after pulling back from a 6-1/2 year high as the recent rally in risk assets petered out for now. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0620 GMT Market Current Prev Close Pct Move TR SE Asia Index* 446.90 447.36 -0.10 Singapore 3346.08 3341.46 +0.16 Kuala Lumpur 1872.10 1872.38 -0.01 Bangkok 1561.90 1564.58 -0.17 Jakarta 5187.33 5165.25 +0.43 Manila 7101.52 7160.46 -0.82 Ho Chi Minh 634.11 628.77 +0.85 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
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