SE Asia Stocks-Philippines extends gains as GDP growth aids sentiment

By Susan Mathew

Nov 17 (Reuters) - Philippine shares extended gains

for a second straight day as better-than-expected economic

growth brought cheer to the market, while broader regional

sentiment was buoyed by easing U.S. Treasury yields and the

dollar.

The Philippine economy grew 7.1 percent year-on-year in the

third quarter, its fastest pace in more than three years,

supported mainly by household demand.

U.S. Treasury yields eased in Asian trade, dragging the

dollar off its highest level since April 2003 set overnight.

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"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.

The Philippine index closed 1.2 percent higher, after having

risen as much as 2.2 percent during the day, led by industrials

and financials. Ayala Corp gained 3.8 percent, while

Bank of the Philippine Island and Metropolitan Bank and

Trust Co rose over one percent each.

A Reuters poll of economists showed that the Federal Reserve

is on course to raise U.S. interest rates next month after the

victory of Donald Trump in the presidential election.

"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 (Fed) meeting,"

added Felix.

Financials were up in four of the six regional markets,

ahead of the Fed meeting.

Gains in Singapore were led by the financial sector,

where DBS Holdings gained 1.5 percent and United

Overseas Bank gained 1.4 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.

Thai stocks ended marginally lower in their second

straight session of losses with consumer stocks leading the

decline.

Charoen Pokphand Foods Pcl lost as much as 5.2

percent while CP All Pcl shed 1.6 percent.

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SOUTHEAST ASIAN STOCK MARKETS : Change on day

Market Current Previous Close Pct Move

Singapore 2813.48 2793.99 0.70

Bangkok 1473.85 1474.64 -0.05

Manila 7050.12 6966.28 1.20

Jakarta 5193.015 5185.465 0.15

Kuala Lumpur 1626.77 1627.63 -0.05

Ho Chi Minh 674.57 674.6 0.00

Change on year

Market Current End 2015 Pct Move

Singapore 2813.48 2882.73 -2.40

Bangkok 1473.85 1288.02 14.43

Manila 7050.12 6952.08 1.41

Jakarta 5193.015 4593.008 13.06

Kuala Lumpur 1626.77 1692.51 -3.88

Ho Chi Minh 674.57 579.03 16.50

(Reporting by Susan Mathew in Bengaluru; additonal reporting by

Sindhu Chandrasekaran; Editing by Amrutha Gayathri)