By Rushil Dutta
Oct 19 Most Southeast Asian stock markets ended
higher on Wednesday, with the Philippines gaining 2 percent, as
encouraging Chinese economic data and Wall Street advancing on
solid corporate earnings kept investor sentiment agreeable.
China's economy grew 6.7 percent in the third quarter from a
year earlier, steady from the previous quarter and in line with
Wednesday's data portrayed the economy as slowly stabilising
but increasingly needy for government spending and a housing
boom for growth, as private investment and exports remain weak.
Investment in Chinese real estate picked up pace in
September after edging higher in the previous month,
highlighting the persistence of investor demand.
"China data is a bit of a mixed bag. Though the headlines
said met expectations, there are some soft spots in the gain in
industrial production," said Vishnu Varathan, a senior economist
with Singapore-based Mizuho Corporate Bank.
"To the extent that investments in China are holding up,
it's giving some of the China-focused markets a bit of a lift."
Philippine shares saw gains across all sectors, led
by financial and consumer stocks.
BDO Unibank Inc rose as much as 3.7 percent, its
biggest percentage gain in three months, before closing 3.6
Philippine stocks began rallying on Tuesday on hopes that
President Rodrigo Duterte's foreign visits would create an
inflow of business. Duterte is in China this week.
Vietnam's main stock index rose 1 percent as
financial and consumer stocks powered through. Real estate
investing firm Vingroup JSC climbed 2 percent.
Thai shares extended gains after mid-day, rising 0.6
percent. Consumer stocks were the biggest gainers.
Thailand's Deputy Prime Minister said the country has no
need to introduce additional economic resources, amid concerns
that domestic activity could be affected by a year of mourning
for King Bhumibol Adulyadej.
Indonesia was the only market that fell, with a 0.4
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SOUTHEAST ASIAN STOCK MARKETS:
Change on day
Market Current Previous Pct Move
Singapore 2844.62 2830.63 0.49
Bangkok 1486.28 1477.54 0.59
Manila 7721.57 7571.15 1.99
Jakarta 5409.288 5430.048 -0.38
Kuala Lumpur 1668.27 1667.57 0.04
Ho Chi Minh 688.89 682.02 1.01
Market Current End 2015 Pct Move
Singapore 2844.62 2882.73 -1.32
Bangkok 1486.28 1288.02 15.39
Manila 7721.57 6952.08 11.07
Jakarta 5409.288 4593.008 17.77
Kuala Lumpur 1668.27 1692.51 -1.43
Ho Chi Minh 688.89 579.03 18.97
(Reporting by Rushil Dutta; Additional reporting by Susan
Mathew in Bengaluru; Editing by Subhranshu Sahu)