SE Asia Stocks - Indonesia up for 2nd day; Philippines weak amid rate outlook

jueves 28 de agosto de 2014 03:12 GYT
 

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. 
    
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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)