SE Asia Stocks-Philippines outperforms after ADB report


BANGKOK, Oct 2 (Reuters) - Philippine shares climbed 2.1

percent on Wednesday after an upbeat economic report, while

Indonesian stocks extended gains from the previous session as

favourable trade and inflation data further lifted sentiment.

The Philippine main index closed at its intraday high

of 6,330 at midday, after ending nearly flat on Tuesday. The

index fell 3 percent on Monday due to foreign-led selling


The ADB report said the Philippines was the only country in

East and Southeast Asia whose growth forecast was revised up.

The country has kept pace with China to become one of the two

fastest growing nations in the region this year.

Large caps with the prospect of earnings growth were among

outperformers. Shares in SM Investments Corp jumped 3

percent after a media report that it sought to develop a

state-owned Manila Bay property for $1.3 billion.

Jakarta's Composite Index was up 1.4 percent after

Tuesday's 0.7 percent rise. Investors bought large caps, sending

shares in PT Telekomunikasi Indonesia and Bank Mandiri

to their highest in almost one week.

The lower-than-expected inflation data in September would be

supportive for the central bank's review of its policy next

week, brokers said.

The September data was below estimates and should also help

Bank Indonesia halt rate hikes for now, analysts at Bahana

Securities wrote in a report.

Stocks in Thailand, Malaysia and Vietnam

traded modestly higher, trimming earlier gains while

Singapore drifted into negative territory after rising

in early trading hours.

Trading volume was relatively thin across the region, with

volume on stock exchanges of Malaysia, Thailand, Singapore and

Indonesia sliding to 23-45 percent of a full day average over

the past 30 sessions.

Bangkok-based KGI Securities expected Thai stocks to take a

breather after Tuesday's 1.8 percent gain.

"We expect foreign investors to remain sidelined as they are

monitoring the length of the U.S. shutdown and also the upcoming

debt ceiling talks," the broker said in a report.

For Asian Companies click;

For South East Asia Hot Stock reports, click;


Change at 0514 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 406.52 405.59 +0.23

Singapore 3175.08 3181.50 -0.20

Kuala Lumpur 1772.52 1769.03 +0.20

Bangkok 1412.31 1408.19 +0.29

Jakarta 4399.46 4345.90 +1.23

Manila 2330.66 6197.84 +2.14

Ho Chi Minh 495.37 492.24 +0.64

View Comments (0)