SE Asia Stocks-Rise to multi-week highs on U.S. debt deal

Reuters

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

September.

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

recommendation.

"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

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