January 5, 2017 / 10:46 AM / 2 years ago

SE Asia Stocks-Gain on global cues; Philippines at near 2-mth high

By Ambar Warrick
    Jan 5 (Reuters) - Southeast Asian stock markets ended higher
on Thursday as overnight gains on Wall Street and a series of
upbeat factory data from across the globe earlier in the week
boosted sentiment.
    U.S. shares extended gains overnight, inching closer to the
elusive 20,000 mark, while world stocks rallied on Thursday
after strong Chinese data added to the optimism. 
    Philippine shares rose 2.5 percent to end at their
highest in nearly 2 months after the country's central bank
governor said he expected the economy to sustain growth
momentum. (bit.ly/2iGXgXt)
    The index gained for a third straight session, aided by
heavy foreign buying.
    Foreign investors net bought 727.9 million pesos worth of
stocks on Thursday, compared with 184 million pesos in the
previous session.
    "I think the optimistic picture painted by the economic
planning team of the government had a hand in the market's
performance", said Jose Vistan of AB Capital Securities.
    "The BSP governor said fundamentals are expected to grow by
7 percent again this year, which should put the Philippines
among the fastest growing countries among Southeastern markets".
    Industrial and financial stocks led the gains with SM
Investments rising 6 percent to close at its highest
level in over two months.  
    Singapore gained 1.1 percent, with real estate and
financial stocks pushing the index higher.  
    DBS Group Holdings, the island state's biggest
bank by market value, rose 1.6 percent.
    "Both the U.S. markets as well as the Hong Kong markets are
strong; Singapore is benefitting from strength in neighbouring
markets", said an analyst from Singapore.
    Malaysia firmed up by 0.75 percent to close at a
near two-month high, helped by a rally in financial and telcom
shares. MayBank rose 1.36 percent.
    Thailand shares gained 0.5 percent to their highest
close in 21 months, while Vietnam gained marginally.
    For Asian Companies click; 
  Market          Current      previous    Pct Move
  Singapore       2954.14      2921.31     1.12
  Bangkok         1571.05      1563.58     0.48
  Manila          7209.44      7030.95     2.50
  Jakarta         5325.504     5301.183    0.46
  Kuala Lumpur    1659.82      1647.47     0.75
 Ho Chi Minh      675.81       674.7       0.16
  Change so far                            
 this year                                 
  Market          Current      End prev    Pct Move
  Singapore       2954.14      2880.76     2.55
  Bangkok         1571.05      1542.94     1.82
  Manila          7209.44      6840.64     5.40
  Jakarta         5325.504     5296.711    0.54
  Kuala Lumpur    1659.82      1641.73     1.10
 Ho Chi Minh      675.81       664.87      1.60
 (Reporting by Ambar Warrick; Additional reporting Christina
Martin in Bengaluru; Editing by Vyas Mohan)
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