CORRECTED-SE Asia Stocks-Higher on benign Chinese inflation data
(Removes all references to Singapore stock exchange as it was closed on account of market holiday) By Anusha Ravindranath Aug 9 (Reuters) - Southeast Asian stocks were largely up on Tuesday as China's consumer inflation eased in July, lifting broader sentiment across the region on hopes of further policy easing if needed in the world's second largest economy. China's consumer price index (CPI) rose 1.8 percent in July from a year earlier, in line with analysts' expectations. Consumer inflation has remained well below China's official target of around 3 percent in 2016, despite concerns that severe summer flooding, which has disrupted public infrastructure and agricultural production, would increase inflationary pressures. "The lower Chinese inflation data gives investors something to look forward to in terms of further policy easing," said Victor Felix of AB Capital Securities Inc in Manila. Last week, China's top economic planner called for the central bank to cut interest rates and bank reserve requirements, but later removed the remarks in an updated statement posted on its website. Indonesian stocks hit its highest since April 2015 before slipping marginally on positive momentum from a government tax amnesty programme that is expected to boost the corporate bond market. Thai shares extended a rally into a fifth straight session, hitting a 15-month high as energy stocks gained. Thai Oil PCL rose 2 pct after booking a higher quarterly profit on Monday. The Philippine index hit a 1-week high after a bunch of corporate earnings boosted sentiment. Petron Corp, the top gainer on the index, reported strong half-yearly results on Monday. "I think here in Philippines, the movement is more focussed on the corporate earnings this week," said Grace Aller of AP Securities in Manila. Lower Chinese inflation has also boosted sentiment, she added. Vietnam shares rose more than 1 pct, helped by a rally in the energy sector on gains of nearly 3 percent overnight in global crude oil prices. Petrovietnam Gas Joint Stock Corp was up 1.7 pct. Crude prices however edged lower on Tuesday on continued worries over a global oil glut and as investors took profits on Tuesday's gains. Malaysia drifted lower, dragged down by consumer non-cyclicals, with British American Tobacco (Malaysia) Berhad among the top losers. Asian shares gained, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1 percent, having already risen for three sessions in a row. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0424 GMT Market Current Previous Pct Move close Bangkok 1546.45 1542.26 0.27 Manila 8049.16 7993.58 0.70 Jakarta 5445.954 5458.979 -0.24 Kuala Lumpur 1669.65 1672.68 -0.18 Ho Chi Minh 572.74 572.27 1.18 Change so far Market Current End 2015 Pct Move Bangkok 1546.45 1288.02 20.06 Manila 8049.16 6952.08 15.78 Jakarta 5445.954 4593.008 18.57 Kuala Lumpur 1669.65 1692.51 -1.35 Ho Chi Minh 572.74 579.03 -1.09 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Biju Dwarakanath)
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