SE Asia Stocks-Philippines outperforms after ADB report
BANGKOK, Oct 2 (Reuters) - Philippine shares climbed 2.1 percent on Wednesday after an upbeat economic report, while Indonesian stocks extended gains from the previous session as favourable trade and inflation data further lifted sentiment. The Philippine main index closed at its intraday high of 6,330 at midday, after ending nearly flat on Tuesday. The index fell 3 percent on Monday due to foreign-led selling . The ADB report said the Philippines was the only country in East and Southeast Asia whose growth forecast was revised up. The country has kept pace with China to become one of the two fastest growing nations in the region this year. Large caps with the prospect of earnings growth were among outperformers. Shares in SM Investments Corp jumped 3 percent after a media report that it sought to develop a state-owned Manila Bay property for $1.3 billion. Jakarta's Composite Index was up 1.4 percent after Tuesday's 0.7 percent rise. Investors bought large caps, sending shares in PT Telekomunikasi Indonesia and Bank Mandiri to their highest in almost one week. The lower-than-expected inflation data in September would be supportive for the central bank's review of its policy next week, brokers said. The September data was below estimates and should also help Bank Indonesia halt rate hikes for now, analysts at Bahana Securities wrote in a report. Stocks in Thailand, Malaysia and Vietnam traded modestly higher, trimming earlier gains while Singapore drifted into negative territory after rising in early trading hours. Trading volume was relatively thin across the region, with volume on stock exchanges of Malaysia, Thailand, Singapore and Indonesia sliding to 23-45 percent of a full day average over the past 30 sessions. Bangkok-based KGI Securities expected Thai stocks to take a breather after Tuesday's 1.8 percent gain. "We expect foreign investors to remain sidelined as they are monitoring the length of the U.S. shutdown and also the upcoming debt ceiling talks," the broker said in a report. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0514 GMT Market Current Prev Close Pct Move TR SE Asia Index* 406.52 405.59 +0.23 Singapore 3175.08 3181.50 -0.20 Kuala Lumpur 1772.52 1769.03 +0.20 Bangkok 1412.31 1408.19 +0.29 Jakarta 4399.46 4345.90 +1.23 Manila 2330.66 6197.84 +2.14 Ho Chi Minh 495.37 492.24 +0.64
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