August 7, 2017 / 10:13 AM / 8 months ago

SE Asia Stocks-Philippines extends rise; Indonesia gives up early gains

    By Sandhya Sampath
    Aug 7 (Reuters) - Philippine shares rose for a third
straight session on Monday and outperformed other Southeast
Asian markets, while Indonesian stocks reversed early gains to
close lower following disappointing gross domestic product data.
    Indonesia's GDP grew more slowly than expected in the second
quarter as private consumption remained lethargic, adding to
signs that Southeast Asia's largest economy is stuck in a low
gear and may need more stimulus.
    "Weaker-than-expected second-quarter growth in Indonesia
increases expectation that Bank Indonesia (BI) may resume rate
cut," UOB Group said in a note.
    The Jakarta SE Composite Index rose as much as 0.6
percent before reversing its course to close 0.5 percent lower.
    Consumer staples and telecom stocks were the biggest losers
with Hanjaya Mandala Sampoerna Tbk PT declining 2
percent and XL Axiata Tbk PT shedding 1.2 percent.
    Meanwhile, Philippine shares closed 0.8 percent
higher, with consumer and telecom stocks leading the broad-based
    "There seems to be some buying interest on account of
anticipation of better second-quarter corporate earnings for
some blue chips," said Manny Cruz, an analyst with Manila-based
Asiasec Equities Inc.
    Conglomerate SM Investments Corp ended 1.7 percent
higher, while telecom company PLDT Inc rose 0.6
    Among other Southeast Asian markets, Vietnam shares
rose as much as 0.9 percent to their highest since February
2008, on the back of gains in energy and material stocks.
    Vietnam National Petroleum Group closed 5 percent
higher as global oil prices held near nine-week highs.
    Malaysian shares rose for a fifth consecutive
session, supported by gains in industrial and telecom stocks,
while Singapore and Thailand ended slightly
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained 0.4 percent.
For Asian Companies click;  

 Change on day                                      
 Market              Current       Previous Close  Pct Move
 Singapore           3320.67       3326.52         -0.18
 Bangkok             1573.67       1578.26         -0.29
 Manila              7992.27       7932.82         0.75
 Jakarta             5749.292      5777.482        -0.49
 Kuala Lumpur        1777.91       1774.53         0.19
 Ho Chi Minh         792.98        788.68          0.55
 Change on year                                     
 Market              Current       End 2016        Pct Move
 Singapore           3320.67       2880.76         15.27
 Bangkok             1573.67       1542.94         1.99
 Manila              7992.27       6840.64         16.8
 Jakarta             5749.292      5296.711        8.54
 Kuala Lumpur        1777.91       1641.73         8.29
 Ho Chi Minh         792.98        664.87          19.3
 (Reporting by Sandhya Sampath; Editing by Subhranshu Sahu)
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