SE Asia Stocks-Philippine at over 1-week closing high; Malaysia up ahead of rate decision
BANGKOK, Sept 18 (Reuters) - The Philippine key index scaled a more than one-week closing high on Thursday amid foreign inflows into large cap property shares while banking stocks outperformed in Malaysia ahead of the central bank's decision on interest rates. Most other Southeast Asian stock markets traded in the positive territory after the U.S. Federal Reserve on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time". The Philippine composite index rose 0.8 percent to 7,287.29, the highest close since Sept. 8, amid foreign-led buying, which sent shares of property firm SM Prime Holdings Inc 3.8 percent higher, stock exchange data showed. In Kuala Lumpur, gains in interest rate-sensitive banking shares, including Public Bank and Maybank, helped lift Malaysia's main index which was up 0.02 percent. Slower household credit growth, and stuttering factory output and exports could persuade Malaysia's central bank against raising interest rates for a second time in three months, but some analysts reckon a 25 basis point increase remains likely. Malaysia's central bank is due to announce the rate decision later in the day. Foreign inflows boosted shares of Indonesian banks. Bank Negara Indonesia gained almost 3 percent and Bank Mandiri traded up 1.5 percent. Among the regional bright spots, shares of Thai property firm Bangkok Land rose 1 percent after the company said an initial public offering of its Impact Growth Real Estate Investment Trust (REIT) IPO-IMPACT.BK this week was oversubscribed. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0902 GMT Market Current Prev Close Pct Move Singapore 3300.15 3296.48 +0.11 Kuala Lumpur 1845.32 1843.78 +0.08 Bangkok 1581.23 1570.64 +0.67 Jakarta 5208.14 5188.18 +0.38 Manila 7287.29 7231.84 +0.77 Ho Chi Minh 615.80 625.66 -1.58 (1 US dollar = 44.4200 Philippine peso) (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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