SE Asia Stocks-Philippines outperforms as govt seeks overhaul to shore up growth

martes 21 de junio de 2016 01:19 GYT
 

By Shashwat Pradhan
    June 21 (Reuters) - Philippine shares rose more than 1
percent on Tuesday as investors were upbeat in the light of a
clear direction on  economic policies, while most other
Southeast Asian markets were slightly higher amid growing
expectations Britons will vote to remain in the European Union
in this week's referendum.
    Philippine President-elect Rodrigo Duterte's new economic
team on Monday promised sweeping changes to boost infrastructure
and maintain the country's robust economic growth. Duterte is to
begin his six-year term on June 30. 
    Investors also await the central bank's policy meeting on
Thursday, where the apex bank is expected to keep its key policy
rate steady given strong domestic demand and the chance the
inflation rate could rise due to weather-related supply shocks,
a Reuters poll showed. 
    Waning concerns around Brexit, along with encouraging
outlook towards FDI with the new government, are helping the
Philippine market, said Grace Aller of AP Securities in Manila.
    The Philippine index was headed for its fifth
straight session of gains in what could be the longest streak of
daily gains since April, driven by financial stocks.
    Meanwhile, Asian shares were trading higher, with MSCI's
broadest index of Asia-Pacific shares outside Japan
 up 0.2 percent, amid declining Brexit concerns.
    Bookmakers' odds have shown "Remain" gaining traction in the
June 23 referendum, with Betfair putting the implied probability
of it at 72 percent on Monday, up from 60-67 percent on
Friday. 
    Sentiment was also boosted after a Reuters poll showed
confidence at Japanese manufacturers inched up in June from the
prior month's three-year low. 
    Vietnam shares rose, led by consumer stocks. Vietnam
Dairy Products, the country's largest firm by market
cap, gained as much as 2.2 pct, its biggest intraday percentage
gain since May 9.
    Bucking the trend, Singapore's Straits Times Index 
fell marginally, with oil and gas stocks shedding nearly 1
percent of their market cap on lower crude prices. 
 
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 STOCK MARKETS                                      
 Change on the day                                  
 Market                   Current   previous close  Pct Move
 Singapore                2798.72   2800.87         -0.08
 Bangkok                  1426.07   1421.99         0.29
 Manila                   7754.74   7665.33         1.17
 Jakarta                  4872.475  4863.531        0.18
 Kuala Lumpur             1634.18   1634.23         0.00
 Ho Chi Minh              630.79    626.46          0.69
                                                    
 Change so far this year                            
 Market                   Current   End prev yr     Pct Move
 Singapore                2798.72   2882.73         -2.91
 Bangkok                  1426.07   1288.02         10.72
 Manila                   7754.74   6952.08         11.55
 Jakarta                  4872.475  4593.008        6.08
 Kuala Lumpur             1634.18   1692.51         -3.45
 Ho Chi Minh              630.79    579.03          8.94
 

 (Reporting by Shashwat Pradhan; Editing by Subhranshu Sahu)