SE Asia Stocks-Most up; Manila outperforms; Jakarta, S'pore down after strong gains
Sept 11 (Reuters) - Most Southeast Asian stock markets were firmer on Wednesday with the Philippines outperforming the region on positive economic outlook after upbeat industrial output data from China affirmed the stabilising trend in the world's second-largest economy. However, Indonesia and Singapore fell after having posted strong gains in the last three sessions. Manila's main stock index was up 2 percent at 0709 GMT, gaining for a fourth straight session and trading at its highest since Aug. 16. "It's the sentimental boost from the China's data and the expectation that there is no U.S. strike on Syria," said Jose Vistan, research analyst at Manila-based AB Capital Securities. Philippines stocks are trading at 15.6 times 12-month forward earnings, versus 11.3 times the forward price to earnings ratio of Asia-Pacific, according to Thomson Reuters StarMine's mean average of analyst estimates. "I don't find it very expensive with a strong 7 percent expected GDP growth and more stronger earnings by listed companies this year," Vistan said. Malaysian stocks are the most expensive in the region, trading at 15.9 times 12-month forward earnings, while stocks in Thailand and Vietnam are trading at 12.7 times and 12.3 times respectively, data showed. Markets were also buoyed by stronger-than-expected industrial output data from China after upbeat exports numbers, reinforcing signs the country's economy was stabilising. Receding fears of a U.S. military strike on Syria and hopes that the U.S. central bank would delay or be less aggressive in tapering its monthly bond purchases after disappointing U.S. job data also helped boost sentiment. Thailand's main stock index was up 0.3 percent after gaining for four straight sessions through Tuesday, while Malaysia edged up 0.1 percent by midday on Wednesday. Indonesian stocks, which were trading at 13.6 times 12-month forward earnings, were down 0.6 percent, after hitting a three-week high in the previous session. Jakarta's Composite Index had gained 7.6 percent in the previous three sessions. "This is only a temporary rebound and I think the market will have a healthy correction due to corporate earnings downgrade, continued selling from foreigners exerting pressure on the currency and interest rates," said John Teja, director of Jakarta-based Ciptadana Securities. Singapore's Straits Times index was down 0.7 percent from a near three-week high. Vietnam's benchmark VN index edged up 0.1 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0709 GMT Market Current Prev Close Pct Move TR SE Asia Index* 395.70 396.27 -0.15 Singapore 3103.68 3123.89 -0.65 Kuala Lumpur 1765.94 1764.95 +0.06 Bangkok 1396.99 1393.17 +0.27 Jakarta 4336.02 4358.14 -0.55 Manila 6210.22 6089.72 +1.98 (Reporting by Shihar Aneez in Colombo and Andjarsari Paramaditha in Jakarta; Editing by Sunil Nair)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- Ford leans on global Mustang to burnish overseas image
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image