SE Asia Stocks-Philippines rises over 1 pct on foreign buying
By Sandhya Sampath
Jan 9 (Reuters) - Most Southeast Asian stock markets rose on
Tuesday, tracking broader Asian peers, with the Philippine index
climbing more than 1 percent on foreign investor
purchases and Singapore extending gains to touch a
32-month high.
Asia shares ex-Japan approached record highs
again, while overnight the S&P 500 extended its winning
streak for 2018.
"Asian markets are driven by the return of the Japanese
investors from their holiday break. So, we can see buying from
those sources," said Manny Cruz, an analyst at Asiasec Equities
Inc in Manila.
Japanese markets, which were closed on Monday for a national
holiday, were up, with the Nikkei share average hitting
a 26-year high.
Philippine shares rose as much as 1.2 percent, backed
by gains in consumer cyclicals and industrials.
Index heavyweight SM Investments Corp climbed 3.7
percent, while International Container Terminal Services Inc
rose 2.5 percent.
"Buying from foreign funds is heightened by the fact that
recently President Rodrigo Duterte signed a tax reform program
that would spur infrastructure developments in the country,"
Cruz said.
Last month, the Philippine Congress approved a tax reform
bill, which is one of the five tax packages that Duterte is
pushing to increase state revenues and make the tax system fair
and simple.
Singapore added 0.5 percent, its highest since April
2015, on broad-based gains.
Thai Beverage PCL gained 1.1 percent, while
Jardine Matheson Holdings Ltd was up 2.2 percent.
Thai shares rose as much as 0.3 percent, with
materials and financials pushing the index higher, before paring
gains. PTT Global Chemical PCL rose 2.2 percent,
while Krung Thai Bank PCL gained 0.5 percent.
Indonesia fell marginally, snapping three straight
sessions of gains. An index of the country's 45 most liquid
stocks fell 0.3 percent.
Telecom stocks dragged the main index down, with
Telekomunikasi Indonesia Tbk down 1.2 percent.
Vietnam climbed as much as 1 percent, its highest
since November 2007, while Malaysia fell 0.1 percent.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change as of 0421 GMT
Market Current Previous close Pct Move
Singapore 3529.72 3512.18 0.50
Bangkok 1792.49 1792.81 -0.02
Manila 8844.7 8745.12 1.14
Jakarta 6375.827 6385.404 -0.15
Kuala Lumpur 1829.54 1832.15 -0.14
Ho Chi Minh 1026.85 1022.9 0.39
Change on year
Market Current End 2017 Pct Move
Singapore 3529.72 3402.92 3.73
Bangkok 1792.49 1753.71 2.21
Manila 8844.7 8558.42 3.30
Jakarta 6375.827 6355.654 0.32
Kuala Lumpur 1829.54 1796.81 1.82
Ho Chi Minh 1026.85 984.24 4.33
(Reporting by Sandhya Sampath; Editing by Biju Dwarakanath)
