SE Asia Stocks-Most edge up; Philippines climbs to near 2-mth high
* Indonesia snaps four sessions of gains
* Philippines hits near two-month closing high, rises 2.6
pct
By Aman Swami
Nov 19 (Reuters) - Most Southeast Asia shares edged higher
on Monday with a resolution to the Sino-U.S. trade dispute still
in doubt, while Philippine shares extended their rally on the
back of last week's interest rate hike.
Philippine shares rose for a fourth consecutive
session, surging 2.6 percent to a near-two-month closing high.
The Philippine central bank on Thursday raised its benchmark
interest rate for the fifth straight time in a bid to tackle
elevated inflation and bring it back to within its target range
next year.
"Last week central bank hiking rates contributes to the
magnitude of the rally today," said Charles William Ang, an
associate analyst with COL Financial Group, Inc.
The central bank also forecast inflation would return to its
2-4 percent target range next year, suggesting its current
tightening cycle may be at an end.
Index heavyweight SM Investments Corp climbed 4.3
percent, while the country's oldest conglomerate, Ayala Corp
, soared as much as 4.5 percent to hit a near-two-month
closing high.
However, most other regional markets were hurt by Sino-U.S.
tensions which were clearly on display at an APEC meeting in
Papua New Guinea over the weekend, where leaders failed to agree
on a communique for the first time ever.
Malaysian stocks edged up 0.3 percent, with IHH
Healthcare Bhd climbing 1.5 percent and CIMB Group
Holdings Bhd rising 1.4 percent.
Vietnam stocks hit a one-week closing high, adding 2
percent, boosted by real estate and financial stocks.
Singapore shares fell 0.6 percent, with conglomerate
Jardine Matheson Holdings Ltd plunging as much as 2.9
percent, while Oversea-Chinese Banking Corporation Ltd
slipped 0.6 percent.
Indonesia's benchmark index edged 0.1 percent lower,
after four straight sessions of gains, dragged down by losses in
telecommunication and energy sectors.
Telekomunikasi Indonesia (Persero) Tbk slipped as
much as 2.5 percent, while conglomerate Astra International Tbk
PT shed 0.6 percent.
Thai shares were flat after the country's economy
unexpectedly stalled in the third quarter, spurring questions
about whether weakness in key growth drivers - exports and
tourism - will make authorities delay hiking interest rates for
the first time since 2011.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Close Pct Move
Singapore 3065.07 3083.6 -0.60
Bangkok 1636.48 1635 0.09
Manila 7270.26 7083.34 2.64
Jakarta 6005.297 6012.35 -0.12
Kuala Lumpur 1710.71 1706.38 0.25
Ho Chi Minh 916.06 898.19 1.99
Change on year
Market Current End 2017 Pct Move
Singapore 3065.07 3402.92 -9.93
Bangkok 1636.48 1753.71 -6.68
Manila 7270.26 8558.42 -15.05
Jakarta 6005.297 6355.654 -5.51
Kuala Lumpur 1710.71 1796.81 -4.79
Ho Chi Minh 916.06 984.24 -6.93
(Reporting by Aman Swami; Editing by Sunil Nair)