November 17, 2016 / 10:10 AM / 3 years ago

SE Asia Stocks-Philippines extends gains as GDP growth aids sentiment

By Susan Mathew
    Nov 17 (Reuters) - Philippine shares extended gains
for a second straight day as better-than-expected economic
growth brought cheer to the market, while broader regional
sentiment was buoyed by easing U.S. Treasury yields and the
    The Philippine economy grew 7.1 percent year-on-year in the
third quarter, its fastest pace in more than three years,
supported mainly by household demand. 
    U.S. Treasury yields eased in Asian trade, dragging the
dollar off its highest level since April 2003 set overnight.
    "The dollar has been easing a little, that could be the
reason for the wider market. I think it's not so much as foreign
buying but an easing of foreign selling (of equities)," said
Victor Felix, equity analyst at Manila-based AB Capital
    The Philippine index closed 1.2 percent higher, after having
risen as much as 2.2 percent during the day, led by industrials
and financials. Ayala Corp gained 3.8 percent, while
Bank of the Philippine Island and Metropolitan Bank and
Trust Co rose over one percent each.
    A Reuters poll of economists showed that the Federal Reserve
is on course to raise U.S. interest rates next month after the
victory of Donald Trump in the presidential election.
    "The probability of a rate hike next month is almost
certain, so I think investors are moving to the emerging markets
just for the short term, before the December (Fed) meeting,"
added Felix.
    Financials were up in four of the six regional markets,
ahead of the Fed meeting.
    Gains in Singapore were led by the financial sector,
where DBS Holdings gained 1.5 percent and United
Overseas Bank gained 1.4 percent.
    Investors also shrugged off the worse-than-expected fall in
October exports in Singapore, as non-oil domestic exports slid
12 percent from a year earlier.  
    Thai stocks ended marginally lower in their second
straight session of losses with consumer stocks leading the
    Charoen Pokphand Foods Pcl lost as much as 5.2
percent while CP All Pcl shed 1.6 percent.
For Asian Companies click;  

  Market           Current       Previous Close  Pct Move
  Singapore        2813.48       2793.99         0.70
  Bangkok          1473.85       1474.64         -0.05
  Manila           7050.12       6966.28         1.20
  Jakarta          5193.015      5185.465        0.15
  Kuala Lumpur     1626.77       1627.63         -0.05
  Ho Chi Minh      674.57        674.6           0.00
  Change on year                                 
  Market           Current       End 2015        Pct Move
  Singapore        2813.48       2882.73         -2.40
  Bangkok          1473.85       1288.02         14.43
  Manila           7050.12       6952.08         1.41
  Jakarta          5193.015      4593.008        13.06
  Kuala Lumpur     1626.77       1692.51         -3.88
  Ho Chi Minh      674.57        579.03          16.50
 (Reporting by Susan Mathew in Bengaluru; additonal reporting by
Sindhu Chandrasekaran; Editing by Amrutha Gayathri)
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