SE Asia Stocks -Philippine shares snap losing streak after Moody's upgrade

viernes 12 de diciembre de 2014 00:58 GYT
 

BANGKOK, Dec 12 (Reuters) - Philippine shares rose on Friday
as investors cheered a sovereign credit rating upgrade by
Moody's, while other markets in the region were range-bound as a
further drop in crude oil prices kept sentiment cautious in most
part.
    The Philippine main index traded up 1.1 percent at
7,147.19, after its fifth straight fall on Thursday to the
lowest close since Oct. 28.
    The gain trimmed the index's loss so far on the week to 0.5
percent. Most regional markets posted weak performances on the
week, amid losses in shares of oil-related firms and a tumble in
crude oil prices.
    Moody's Investors Service upgraded its rating on the
Philippines by one notch to Baa2 from Baa3 with a stable
outlook, citing a decline in the Philippines' debt burden and
structural improvements in fiscal management. 
    Shares of BDO Unibank jumped 2 percent after
Moody's upgraded long term ratings on the bank along with three
others. 
    Thai SET index erased early gains and fell.
    Investors bought beneficiaries of weak oil prices with brent
crude continuing its march downwards and dropping to a
5-1/2-year low of $63 a barrel, bringing this week's losses to
more than 8 percent. 
    Shares of airline firms outperformed the broader Thai
market, led by Nok Airlines, Asia Aviation and
Bangkok Airways. Shares of energy firms extended their
losses, led by PTT Exploration and Production.
    "The rebound may remain fragile as pressure from energy
counters would continue to weigh on the market," strategists at
broker Phillip Securities wrote in a report.
    The SET index is on track for a weekly loss of
almost 5 percent, after three weeks of gains, due to heavy
selling in energy shares.
    Indonesia's index eked out a small gain, with
banking shares, including Bank Rakyat Indonesia and
Bank Mandiri, edging higher after the central bank
kept its policy rate at 7.75 percent as expected.
 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0416 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3330.10       3318.70       +0.34
 Kuala Lumpur       1740.01       1744.57       -0.26
 Bangkok            1523.10       1526.81       -0.24
 Jakarta            5158.43       5152.69       +0.11
 Manila             7147.19       7072.10       +1.06
 Ho Chi Minh         552.11        550.11       +0.36
 
 (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)