SE Asia Stocks-Philippines up ahead of president address
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, respectively. 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0453 GMT Market Current Previous Pct Move Close 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)
© Thomson Reuters 2016 All rights reserved.