SE Asia Stocks-Mixed; Philippine shares hit over 1 year high
By Mai Nguyen HANOI, Aug 14 (Reuters) - The Philippine index rose to its highest in more than a year on Thursday on wide interest in shares of its top telecom firm, while other Southeast Asian markets were mixed. The benchmark index in Manila was up 1.04 percent at 7058.94 at 0659 GMT, after earlier rising to 7,093.06, its highest intraday level since May last year, Reuters data showed. Strong buying focused on the Philippine Long Distance Telephone Co (PLDT), which hit an intraday record high of 3,298 pesos ($75.5). "There's a report on the MSCI rebalancing and increased weight for PLDT. Investors took that as a signal to buy," said Joseph Roxas, president of Eagle Equities in Manila. The current weighting of PLDT in the MSCI International Philippines Price Return Index USD Realtime is 7.48 percent, the third heaviest, according to MSCI's latest update on its website. PLDT also bears the biggest weight in PSI at 11.39 percent and is the largest firm by market value on the Philippine bourse, according to Reuters data. The Philippine stock market was also supported by a 3.38 percent gain in shares of Ayala Corp after the industrial conglomerate reported a 34 percent rise in its first-half net profit. Other indices moved in tight ranges, with Thailand, Singapore and Malaysia remaining mostly flat. Indonesia's benchmark index retreated 0.54 percent from a more than one-year closing high reached on Wednesday. Indonesia's current account deficit in the second quarter was larger than expected at 4.27 percent of gross domestic product or $9.1 billion, central bank governor Agus Martowardojo said on Thursday. Vietnam's VN Index was up 0.31 percent, with the country's top mobile phone retailer, Mobile World, hitting a record high on its dividend plan. ($1=43.69 pesos) For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0659 GMT Market Current Prev Close Pct Move TR SE Asia Index* 442.98 441.79 +0.27 Singapore 3300.43 3301.41 -0.03 Kuala Lumpur 1858.77 1858.04 +0.04 Bangkok 1543.58 1544.55 -0.06 Jakarta 5140.44 5168.27 -0.54 Manila 7058.94 6986.24 +1.04 Ho Chi Minh 604.65 602.76 +0.31 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Additional reporting by Erik dela Cruz in MANILA; Editing by Anupama Dwivedi)
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