June 1, 2017 / 5:45 AM / a year ago

SE Asia Stocks-Philippines rises on lower house nod for tax reform bill

    By Chris Thomas
    June 1 (Reuters) - Philippine shares rose on Thursday,
heading for their first gain in three sessions and outperforming
other Southeast Asian markets, after the lower house of Congress
approved a much-anticipated tax reform bill on Wednesday.
    The bill, yet to be published and which still needs Senate
approval, is critical to President Rodrigo Duterte's economic
programme, which focuses on infrastructure spending and fiscal
efficiency to lift growth to as much as 8 percent before his
six-year term ends in 2022.
    The Philippine benchmark rose as much as 0.75
percent, its biggest intraday percentage gain since May 16, with
real estate company Ayala Land climbing as much as 2
percent and telecom firm PLDT Inc jumping nearly 3
    "Foreign and local funds alike have long been waiting for
this (bill) to pass in the Congress," said Rachelle Cruz, an
analyst with AP Securities, adding that its passage would
provide the boost that the market needs to go above the 8,000
    The property sector will also gain as the Department of
Finance is looking to revive REITs once the bill is passed, she
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was nearly flat amid conflicting signals on the
health of China's manufacturing sector.
    China's manufacturing activity contracted in May for the
first time in 11 months and companies shed more jobs as demand
weakened and shrinking factory prices dented profits, a private
survey showed on Thursday.
    The findings sharply contrast with official readings on
Wednesday which showed steady manufacturing growth.
    Singapore shares hit their highest in nearly a week,
boosted by market heavyweights Singapore Telecommunications
(SingTel) and Jardine Matheson Holdings.
    SingTel was headed for a fourth straight session of gains,
while Jardine Matheson climbed to its highest in more than two
    News that internet provider MyRepublic Ltd is seeking
private equity backing for local wireless carrier M1 Ltd
 has shored up buying interests in telecom stocks, said
Wong Kok Hoong, sales trader at Maybank Kim Eng Securities Pte
    Malaysian shares fell to their lowest since May 5,
with telecom firm Axiata Group hitting a
two-and-a-half-month low.
    Indonesia was closed for a holiday.   
For Asian Companies click;  

  Market          Current      Previous Close   Pct Move
  Singapore       3226.95      3210.82          0.50
  Bangkok         1562.47      1561.66          0.05
  Manila          7893.96      7837.12          0.73
  Kuala Lumpur    1763.54      1765.87          -0.13
  Ho Chi Minh     741.46       737.82           0.49
  Change on year                                
  Market          Current      End 2016         Pct Move
  Singapore       3226.95      2880.76          12.02
  Bangkok         1562.47      1542.94          1.27
  Manila          7893.96      6840.64          15.40
  Kuala Lumpur    1763.54      1641.73          7.42
  Ho Chi Minh     741.46       664.87           11.52
 (Reporting by Chris Thomas; Editing by Subhranshu Sahu)
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