BANGKOK, Aug 30 (Reuters) - Philippine shares rose on
Friday, further clawing back losses this week and outperforming
in the region, amid economic optimism, while Indonesian stocks
extended gains after the country's central bank took steps to
shore up the rupiah.
The Philippine index was up 2.2 percent, adding to
Thursday's 3.6 percent gain after upbeat second quarter GDP data
and a strong economic outlook, making it the country with the
most sound fundamentals in the region.
Philippine shares lost 8.5 percent on the month, their worst
since October 2008.
Trading on the Philippine stock exchange was relatively
heavy, led by SM Investments Corp, the country's
second-biggest firm by market value. SM Investments rose 1.4
percent on a trading volume of nearly 11 times the full-day's
average over the past 30 sessions.
Jakarta's Composite Index climbed 1.2 percent,
extending its gains over the past two sessions, helped by short
covering in beaten-down big caps like Astra International
Bank Indonesia announced on Thursday increases of 50 basis
points for two key interest rates and forecast that the current
account deficit would narrow in the third quarter.
Analysts expect the Jakarta rally to be short-lived.
"Over the medium term, a higher interest rate will force the
economy to slow, which resulted in slower earnings growth
realisation for corporates," said Jakarta-based strategist
Chandra Pasaribu of Danareksa Sekuritas.
Jakarta's composite is still poised to record its worst
monthly loss since the Lehman Brothers crisis in late 2008. It
has lost almost 10 percent after recent selloffs, turning it
into one of Asia's top underperformers.
The Thai SET index was down 0.3 percent, on track
for a 9.3 percent loss on the month, the worst since September
Thailand had a current account deficit of $700 million in
July, slightly larger than the previous month's gap, and exports
fell 1.3 percent from a year earlier, the central bank reported
Stocks in Singapore, Malaysia and Vietnam
edged higher, tracking other Asian markets as a possible
U.S. military strike on Syria appeared less likely.
For Asian Companies click;
For South East Asia Hot Stock reports, click;
SOUTHEAST ASIAN STOCK MARKETS
Change at 0800 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 380.33 377.28 +0.81
Singapore 3038.53 3038.03 +0.02
Kuala Lumpur 1721.04 1703.78 +1.01
Bangkok 1288.11 1292.53 -0.34
Jakarta 4155.41 4103.59 +1.23
Manila 6075.17 5944.21 +2.20
Ho Chi Minh 472.70 468.55 +0.89
- Stocks & Offerings
- Philippine stock exchange