SE Asia Stocks-Higher ahead of ECB meeting; Philippines down

lunes 18 de julio de 2016 06:31 GYT

By Rushil Dutta
    July 18 (Reuters) - Most Southeast Asian stocks closed
higher on Monday ahead of a policy meeting by the European
Central Bank later this week, but the Philippine index snapped
six sessions of gains as investor focus shifted to the local
market debut of a Mexican cement maker.       
    Investors across the board are keeping an eye out for ECB
President Mario Draghi, who is likely to plead for governments
to do more to boost the euro zone's economy in a meeting on
    Governments in China, Japan and Britain have already started
easing their fiscal stance or hinted at plans to do so.
    "After six strong days of climb recently, the U.S. investors
are taking a breather. Likewise, Asian stocks are also locking
their gains since a week ago," said Cheng Hooi Lee, an analyst
with Malaysia-based Maybank Investment Bank.
    The Philippine index ended 0.6 percent lower, as a
strong market debut by Cemex Holdings Philippines, the
Philippines' second-biggest cement maker by market value, took
    Shares of the cement maker, majority owned by Mexico's Cemex
SAB de CV, rose as much as 5.7 percent from the
10.75 pesos set in the Philippines' biggest initial public
offering (IPO) in three years, which raised 25.13 billion pesos
($536.79 million). 
    "Most of the attention is on the new listing... That would
explain why others are more flat than usual," said Joseph Roxas,
president of Manila-based Eagle Equities.
    Property developers and telecom stocks fell, with Bloomberry
Resorts Corp and Megaworld Corp being the
biggest losers.     
    Vietnam's main index finished 1.4 percent higher,
snapping two sessions of losses, helped by consumer and energy
    Petrovietnam Gas Joint Stock Corp gained 1.6
    Indonesian stocks gained 0.3 percent led by
utilities and energy stocks. 
    Perusahaan Gas Negara (Persero) Tbk PT surged to a
nine-month high.
    Singapore and Malaysia also ended marginally
    Thailand stock markets are closed on Monday and
Tuesday for national holidays. 
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  STOCK MARKETS                                   
  Change on day                                   
  Market           Current     Previous   Pct Move
  Singapore        2928.76     2925.35    0.12
  Manila           7986.25     8030.06    -0.55
  Jakarta          5127.501    5110.178   0.34
  Kuala Lumpur     1670.84     1668.4     0.15
  Ho Chi Minh      673.5       664.56     1.35
  Change on year                          
  Market           Current     End 2015   Pct Move
  Singapore        2928.76     2882.73    1.60
  Manila           7986.25     6952.08    14.88
  Jakarta          5127.501    4593.008   11.64
  Kuala Lumpur     1670.84     1692.51    -1.28
  Ho Chi Minh      673.5       579.03     16.32

 (Reporting by Rushil Dutta; Editing by Sherry Jacob-Phillips)