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.
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SOUTHEAST ASIAN STOCK MARKETS
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