SE Asia Stocks-Most rise; Philippines surges to 3-week high
* Philippines climbs 1.5 pct; BDO Unibank jumps 5 pct
* Indonesia climbs to over six-week high
* Thailand slips, snapping three-session winning run
By Mensholong Lepcha
June 7 (Reuters) - Most Southeast Asian stock markets ended
higher on Thursday, tracking broader Asia, with the Philippines
surging to its highest close in three weeks.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose as much as 0.6 percent in its sixth
straight gaining session to a two-and-a-half-month high.
Philippine shares closed 1.5 percent higher, as BDO
Unibank, the biggest Philippine bank in terms of market
capitalisation, surged 5 percent in its third consecutive
winning session.
"Financials experienced heavy sell-off during past five
months," said Rachelle Cruz, an analyst from AP Securities in
Philippines.
"Higher rates and elevated inflation will allow the banks to
improve in terms of their net interest margin, so its more about
an expectation of a better bottom line for the banks."
The country's annual inflation quickened in May at the
fastest pace in at least five years, data showed on Tuesday.
Malaysian shares rose 0.5 percent to their highest
close in two weeks. Financial stocks such as CIMB Group Holdings
and Malayan Banking were the biggest boosts
on the index.
Indonesian stocks rose 0.6 percent to their highest
in over six weeks.
Lender Bank Negara Indonesia rose 2.4 percent,
while cigarette manufacturer Gudang Garam climbed 2.7
percent.
The index of Indonesia's 45 most liquid stocks
rose 0.7 percent.
Vietnam shares gained 0.2 percent to close higher for
a sixth straight session.
Techcombank, which made its stock market debut on
Monday, was the biggest boost on the index, gaining as much as 7
percent in the session.
Singapore recovered after the previous day's losses,
buoyed mostly by financials and real estate shares.
Lender United Overseas Bank rose 0.8 percent,
while property management firm Hongkong Land Holdings
rose 1.8 percent.
Meanwhile, Thai shares slipped 0.3 percent, snapping
three straight sessions of gains.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 3473.08 3467.81 0.15
Bangkok 1733.05 1738.7 -0.32
Manila 7803.31 7689.14 1.48
Jakarta 6106.698 6069.713 0.61
Kuala Lumpur 1785.81 1777.13 0.49
Ho Chi Minh 1036.69 1034.5 0.21
Change on year
Market Current End 2017 Pct Move
Singapore 3473.08 3402.92 2.06
Bangkok 1733.05 1753.71 -1.18
Manila 7803.31 8558.42 -8.82
Jakarta 6106.698 6355.654 -3.92
Kuala Lumpur 1785.81 1796.81 -0.61
Ho Chi Minh 1036.69 984.24 5.33
(Reporting by Mensholong Lepcha; Editing by Amrutha Gayathri)