BANGKOK, Oct 17 (Reuters) - Southeast Asian stocks followed
other regional markets higher on Thursday with broad-based
buying in large caps sending the Philippine index to a four-week
high and most benchmarks climbing to highs last hit in late
Sentiment across Asia got a boost after legislators produced
a last-minute deal to lift the U.S. government's borrowing limit
and dodge a potentially catastrophic debt default.
Trading on the Philippine exchange was relatively active,
more than double the full-day average over the past 30 sessions,
led by conglomerate Metro Pacific Investments Corp and
top lender BDO Unibank.
The Philippine main index, the second-strongest
performer in Southeast Asia this year, climbed 0.8 percent,
extending gains from the previous session when it drew net
foreign inflows of 591 million peso ($13.68 million), stock
exchange data showed.
Among the outperformers, the Thai SET index was up
nearly 1 percent at the 0530 GMT midday break, with buyers
piling into shares in growth sectors including telecoms, led by
mobile phone operator Advanced Info Service.
Shares in satellite operator Thaicom Pcl rallied
as much as 3.3 percent to a five-month high after a broker
"Telecom is our favourite sector going into 2014 and we add
Thaicom to our top picks list," Pimpaka Nichgaroon, head of
research at broker Thanachart Securities, wrote in a report
dated Oct. 16.
"We expect its new satellite to immediately make profit at
its launch by the end of this year," the report said.
Buying demand in an earnings season bolstered markets across
exchanges, with Bangkok-listed Krung Thai Bank Pcl
rising 1 percent ahead of its results which analysts expect
would outperform the sector.
Thai banks are due to report their July-September earnings
by Oct. 22.
In Singapore, shares in Keppel Land rose 1.4
percent after the company reported a 70 percent rise in
quarterly net profit from a year earlier.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0630 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 420.56 417.07 +0.84
Singapore 3199.36 3174.03 +0.80
Kuala Lumpur 1797.34 1791.37 +0.33
Bangkok 1478.66 1464.38 +0.98
Jakarta 4517.88 4492.26 +0.57
Manila 6535.93 6483.57 +0.81
Ho Chi Minh 499.95 498.96 +0.20