SE Asia Stocks-Largely up; Philippine shares rise 2 percent
By Susan Mathew
Nov 17 (Reuters) - Most Southeast Asian markets rose on
Thursday as U.S. Treasury yields eased in Asian trade, dragging
the dollar off its highest level since April 2003 set overnight.
The dollar index, which measures the greenback
against a basket of major currencies, slipped 0.12 percent to
100.290, as moderate U.S. inflation data drove a flattening of
the U.S. Treasury yield curve.
"The dollar has been easing a little, that could be the
reason for the wider market. I think it's not so much as foreign
buying but an easing of foreign selling (of equities)," said
Victor Felix, equity analyst at Manila-based AB Capital
Securities.
Philippine shares rose as much as 2.15 percent, their
biggest intraday percentage gain in nearly a month, as data on
Thursday showed the economy grew 7.1 percent year on year in the
third quarter, beating expectations.
The GDP expansion was supported by growth in the services,
industry and farm sectors and was the first publication of
quarterly GDP growth data under President Rodrigo
Duterte.
The index was driven by industrials and consumer stocks with
conglomerate Ayala Corp and food product company
Universal Robina Corp gaining over 2 percent each.
"The probability of a rate hike next month is almost
certain, so I think investors are moving to the emerging markets
just for the short term, before the December (U.S. Federal
Reserve) meeting," added Felix.
Financials were up in four of the six regional markets,
ahead of the Fed meeting.
Roughly 85 percent of 62 respondents in a survey taken after
the U.S. Presidential election vote said the Fed would go ahead
with a rate rise in December.
Financial shares led the gains in Singapore with DBS
Holdings up 1.23 percent and United Overseas Bank
rising 1.36 percent.
Investors also shrugged off the worse-than-expected fall in
October exports in Singapore, as non-oil domestic exports slid
12 percent from a year earlier.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS; CHANGE AT 0505 GMT
Market Current Previous Close Pct Move
Singapore 2809.77 2793.99 0.56
Bangkok 1475.28 1474.64 0.04
Manila 7020.73 6966.28 0.78
Jakarta 5183.647 5185.465 -0.04
Kuala Lumpur 1625.15 1627.63 -0.15
Ho Chi Minh 675.52 674.6 0.14
Change this year
Market Current End 2015 Pct Move
Singapore 2809.77 2882.73 -2.53
Bangkok 1475.28 1288.02 14.54
Manila 7020.73 6952.08 0.99
Jakarta 5183.647 4593.008 12.86
Kuala Lumpur 1625.15 1692.51 -3.98
Ho Chi Minh 675.52 579.03 16.66
(Reporting by Susan Mathew in Bengaluru; additional reporting
by Sindhu Chandrasekaran and Aparajita Saxena; Editing by Sunil
Nair)