SE Asia Stocks - Philippines at 13-month high; banks, property lead

Fri Jul 4, 2014 4:41am EDT

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BANGKOK, July 4 (Reuters) - The Philippine benchmark index
hit a 13-month high on Friday, marking its best week since
April, amid strong buying in shares of banks and property firms,
while Indonesia notched its first weekly gain in a month ahead
of the July 9 presidential election.
    Shares of Bank of the Philippine Islands were up
1.3 percent, among the top performers, with other banks climbing
on the week amid optimism around a planned law allowing foreign
firms to take full control of Philippine lenders.
 
    Property shares were also among the top percentage gainers,
with Megaworld Corp hitting a near one-month high as
strong foreign demand for luxury condominiums in Manila
bolstered the sector's outlook. 
    The Philippine composite index closed up 0.9 percent
at a 13-month high of 6,962.68. It ended up 1.8 percent on the
week, a second straight weekly gain.
    In Jakarta, foreign investors led the buying into selected
large-caps, sending shares of Telkom Indonesia nearly
1 percent higher. Jakarta's composite index rose 0.4
percent, on track for a 1.4 percent rise on the week.
    Stocks in Singapore and Malaysia were
range-bound as Asian stock markets edged higher after upbeat
U.S. jobs data, which showed the lowest unemployment rate in six
years and underscored the strength of the economic recovery.
 
    The Thai SET index hovered above the psychological
1,500 level, led higher by banks, while Vietnam's key index
 climbed to a near three-month high of 589.35, with shares
of Vinamilk rallying after its stock dividend plan.
 

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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0814 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   433.20        430.64       +0.60  
 Singapore          3273.25       3273.15        0.00 
 Kuala Lumpur       1886.10       1888.69       -0.12
 Bangkok            1503.10       1493.21       +0.66
 Jakarta            4911.29       4888.74       +0.46
 Manila             6962.28       6899.31       +0.91
 Ho Chi Minh         589.35        585.02       +0.74
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 (Reporting by Kaweewit Kaewjinda and Viparat Jantraprap;
Editing by Prateek Chatterjee)
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