By Niyati Shetty
Oct 3 (Reuters) - The Philippine index snapped a three-day
losing streak on Wednesday and ended more than 1 percent higher
as investors picked up battered shares while Singapore hit a
near eight-week closing high, helped by gains in financials and
The Manila index rose 1.1 percent to 7210.87, led by
gains in real estate and industrial stocks. Ayala Land
rose 3.1 percent while JG Summit Holdings jumped 4
"Most likely, some investors are trying to find bargains as
7,100 is expected to be a technical support level. But, the
rally is not driven by fundamentals," said April Lee-Tan, head
of research at COL Financial INC.
Meanwhile, investors are keenly awaiting Philippines annual
inflation data due on Friday. The annual inflation rate likely
continued to climb in September, a Reuters poll showed, keeping
pressure on the country's central bank to raise interest rates
"The market has been anticipating a bad number."
Among other markets in the region, the Singapore index
rose 0.8 percent, led by lender DBS Holdings,
up 1.3 percent, and Thai Beverage, up 6 percent.
Indonesian shares finished 0.1 percent lower,
dragged down by consumer staples and materials sectors, as
caution set in after the country's central bank governor said
interest rates must be increased before the Federal Reserve
raises U.S. rates to avoid "drastic capital reversals".
The index of the country's 45 most liquid stocks
was down 0.4 percent.
Thai shares slid 0.4 percent while the Vietnam index
fell 0.2 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3267.4 3242.65 0.76
Bangkok 1741.96 1748.09 -0.35
Manila 7210.87 7132.36 1.10
Jakarta 5867.737 5875.619 -0.13
Kuala Lumpur 1796.3 1798.15 -0.10
Ho Chi Minh 1020.4 1018.79 0.16
Change on year
Market Current End 2017 Pct Move
Singapore 3267.4 3402.92 -3.98
Bangkok 1741.96 1753.71 -0.67
Manila 7210.87 8558.42 -15.75
Jakarta 5867.737 6355.654 -7.68
Kuala Lumpur 1796.3 1796.81 -0.03
Ho Chi Minh 1020.4 984.24 3.67
(Reporting by Niyati Shetty; Editing by Vyas Mohan)