May 15, 2017 / 10:45 AM / a year ago

SE Asia Stocks-S'pore hits 21-mnth peak; Philippines slips as traders gear up for IPOs

    By Anusha Ravindranath
    May 15 (Reuters) - Singapore shares scaled a 21-month peak
on Monday on upbeat corporate earnings, while Philippine shares
closed lower as traders booked profits ahead of two major share
offerings over the next couple of weeks. 
    Singapore shares hit their highest level since July
2015 and closed 0.27 percent firmer with financials and consumer
stocks driving the gains. 
    "Positive corporate earnings and banks drove recent gains,"
said Liu Jinshu, director of research, NRA Capital. 
    "However, the run up has been mainly concentrated among blue
chip names. Hence, I am still not convinced that the STI's run
up to 3,265 has legs. I think we may instead be nearing a
short-term top."
    Casino operator Genting Singapore Plc was the best
performer, ending at its highest level in more than two years.

    Commodity trader Olam International Ltd closed at
a two-month high after it reported a 26.6 percent rise in first
quarter profit.
    The Philippine index closed down 0.6 percent, as real
estate companies and telecom stocks lost ground. 
    "There would be two IPOs happening in the next couple of
weeks and investors are cashing in on recent gains for raising
funds for the IPOs," said Manny Cruz, an analyst with Asiasec
Equities Inc
    "I think it (the fall) is mostly because of profit-taking,"
added Mikey Macanaig of Sunsecurities Inc.
    Philippines' fourth-biggest cement producer Eagle Cement
Corp is set to raise as much as 8.63 billion pesos through an
    Meanwhile, property developer Cebu Landmasters is looking to
raise up to 2.9 billion pesos from the market, the company said
on Friday.
    The Philippine government's efforts to enact tax reform
appear to be gaining traction as more Philippines firms are
looking to enter the market.
    Other regional markets such as Indonesia and
Malaysia stocks recouped losses to close higher, while
Vietnam finished flat.
    The Thai index hit a two-month low as some
disappointing company earnings offset positive GDP data.

    Nippon Pack Thailand ended 11.7 percent lower,
after reporting a bigger loss for the quarter, while hypermarket
retail chain Big C Supercenter Pcl hit a one-week
closing low.
For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Previous     Pct Move
  Singapore        3264.21       3255.29      0.27
  Bangkok          1537.42       1543.94      -0.42
  Manila           7772.93       7815.53      -0.55
  Jakarta          5688.87       5675.216     0.24
  Kuala Lumpur     1778.65       1775.87      0.16
  Ho Chi Minh      725.35        725.37       0.00
 Change so far                                
 this year                                    
  Market           Current       End 2016     Pct Move
  Singapore        3264.21       2880.76      13.31
  Bangkok          1537.42       1542.94      -0.36
  Manila           7772.93       6840.64      -11.99
  Jakarta          5688.87       5296.711     7.40
  Kuala Lumpur     1778.65       1641.73      8.34
  Ho Chi Minh      725.35        664.87       -8.3

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Vyas
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