SE Asia Stocks-Philippines up ahead of president address

lunes 25 de julio de 2016 01:36 GYT

By Rushil Dutta
    July 25 (Reuters) - Philippine shares rose more than 1
percent on Monday as investors looked forward to President
Rodrigo Duterte's first public address since his appointment.
    Duterte became the 16th president of the Philippines on May
30 when a joint session of Congress declared him winner of a May
9 election. 
    "Philippine trading participants look towards President
Duterte's first SONA (State of the Nation Address), as optimism
that the new administration's policy initiatives intend to spur
growth and development, persists," Manila-based SB Equities said
in a note.
    The Philippine stock index was up 0.8 percent as of
0453 GMT, driven by financials and consumer staples.   
    Metropolitan Bank and Trust Co and Bank of the
Philippine Islands gained 2 percent and 2.1 percent,
    Most other Southeast Asian stock markets also rose ahead of
a two-day U.S. Federal Reserve meeting starting on Tuesday and a
Bank of Japan meeting at the end of the week.
    The Fed is expected to keep its policy rate unchanged at the
two-day meeting, but investors will be closely parsing its
statement for clues on policy direction.
    Meanwhile, the Bank of Japan is expected to ease policy
later this month, according to a majority of economists polled
by Reuters. 
    Indonesian stocks rebounded from Friday's losses,
led by telecoms and consumer cyclicals. Cigarette-maker Hanjaya
Mandala Sampoerna Tbk PT gained 1.3 percent, while
Astra International Tbk PT rose 1 percent.
    Bucking the trend, Singapore's Straits Times Index 
fell 0.2 percent, dragged down by consumer goods and consumer
services stocks.
    Taxi and car rental group Comfortdelgro Corp was
the biggest loser, followed by realtor Capitaland Mall Trust
    The managing director of the Monetary Authority of Singapore
(MAS) said the city-state's economic growth remains sluggish and
its performance in the second half of this year will not be too
different from the first half. 
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  STOCK MARKETS                                  
  Change at 0453                                 
  Market          Current     Previous   Pct Move
  Singapore       2939.8      2945.35    -0.19
  Bangkok         1511.95     1509.13    0.19
  Manila          8085.55     8025.35    0.75
  Jakarta         5218.318    5197.251   0.41
  Kuala Lumpur    1660.31     1657.42    0.17
  Ho Chi Minh     651.48      649.87     0.25
  Change on year                         
  Market          Current     End 2015   Pct Move
  Singapore       2939.8      2882.73    1.98
  Bangkok         1511.95     1288.02    17.39
  Manila          8085.55     6952.08    16.30
  Jakarta         5218.318    4593.008   13.61
  Kuala Lumpur    1660.31     1692.51    -1.90
  Ho Chi Minh     651.48      579.03     12.51
 (Reporting by Rushil Dutta; Editing by Subhranshu Sahu)