SE Asia Stocks-Philippines near 1-week high after Moody's upgrade

Reuters

BANGKOK, Oct 3 (Reuters) - The Philippine index hit its

highest in nearly one week on Thursday, as a Moody's sovereign

rating upgrade boosted large caps such as Alliance Global Group

, while Thai stocks outperformed as players hunted for

bargains among recently battered shares.

The Philippine main index recovered from early losses

and was up 0.8 percent at 6,410.29, with trading volume at 84

percent of its full day average over the past 30 sessions,

relatively active compared with the others in the region.

Moody's Investors Service on Thursday upgraded the rating of

the Government of Philippines to an investment-grade Baa3 from

Ba1 and assigned a positive outlook, citing a structural shift

to higher economic growth and low inflation.

The upgrade caught up with an upgrade to 'investment grade'

by Fitch and S&P early this year.

The Thai SET index climbed 1.5 percent, led by a 3

percent jump in shares of Siam Commmercial Bank after

Wednesday's 1.6 percent drop. It was among the top heavily

shorted stocks on the benchmark in the previous session.

Strategists at broker Phillip Securities pegged resistance

for the main Thai index at 1,440, citing cautions ahead of a

court ruling on Friday on whether the fiscal 2014 budget bill

violated the constitution.

Other Southeast Asian stocks were mixed, with Singapore

shares slipping into negative territory as the U.S.

government shutdown dragged on, but were buoyed slightly by

China's services sector performance.

Shares in Malaysia and Vietnam edged slightly

lower while Indonesia trimmed some of its earlier gains.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0525 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 410.33 406.07 +1.05

Singapore 3146.13 3152.58 -0.20

Kuala Lumpur 1770.13 1770.35 -0.01

Bangkok 1431.27 1408.99 +1.58

Jakarta 4419.60 4387.60 +0.73

Manila 6410.29 6362.26 +0.75

Ho Chi Minh 493.99 494.39 -0.08

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