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CORRECTED-SE Asia Stocks-Most rise; Philippines, Indonesia hit record highs
October 4, 2017 / 4:35 AM / 2 months ago

CORRECTED-SE Asia Stocks-Most rise; Philippines, Indonesia hit record highs

 (Corrects to remove reference to U.S. in paragraph 5)
    By Sumeet Gaikwad
    Oct 4 (Reuters) - Most Southeast Asian shares rose on
Wednesday with the Philippines and Indonesia hitting record
highs, tracking gains on Wall Street, while sentiment also got a
boost after the World Bank raised its growth forecasts for
developing East Asia and the Pacific region.  
    The three major U.S. stock indexes and the Russell 2000
posted record high closes for the second straight day on
Tuesday, helped by gains in airlines and as carmakers rose after
strong September vehicle sales. 
    The World Bank raised its economic growth forecasts for
developing East Asia and Pacific for this year and 2018. The
Washington-based lender now expects the developing East Asia and
Pacific (EAP) region, which includes China, to grow 6.4 percent
in 2017 and 6.2 percent in 2018. 
    Philippine shares rose 0.7 percent to a fresh record
high with financial stocks leading the gains. 
    "The Philippines is seeing some optimism with regard to the
tax reform which is expected to be convened in the Senate this
month and the market is reflecting the performance of the U.S.
markets," said Lexter Azurin, an analyst at Manila-based AB
Capital Securities. 
    Blue chip BDO Unibank Inc rose 1.9 percent to an
all-time high while telecom service provider PLDT Inc
gained 2.4 percent.
    Meanwhile, the Indonesia's benchmark index rose 0.34
percent, extending gains from the previous session to hit a
record high in early trade helped by gains in energy and
financial stocks. 
    Bank Rakyat Indonesia gained 0.8 percent while
shares of mining contractor United Tractors rose as
much as 3.8 percent to hit an all-time high and were on track
for their fifth straight session of gains. 
    An index of the country's 45 most liquid stocks
gained as much as 0.5 percent to 995.159, its highest in over
three months.
    Thai shares were trading firm near a 24-year high,
with PTT Pcl rising to its highest in over eight months
and Kasikornbank Pcl gaining 0.5 percent.
    The Thai index is headed for its seventh session of gains in
eight. 
    The Malaysian stock market was marginally up, buoyed
by telecom and consumer discretionary stocks. Genting Bhd
 added 0.2 percent, while Axiata Group Bhd
rose to its highest in four months and was on track for a ninth
straight session of gains.
    Meanwhile, Singapore shares were down 0.2 percent,
weighed by financial and industrial stocks.
    Market heavyweight Jardine Matheson Holdings Ltd
fell 1.2 percent while United Overseas Bank Ltd was
down 0.5 percent.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0353 GMT
    
  Change on day                                        
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3240.05       3246.08      -0.19
  Bangkok          1693.2        1689.97      0.19
  Manila           8366.74       8312.93      0.65
  Jakarta          5959.378      5939.453     0.34
  Kuala Lumpur     1759.68       1759.67      0.00
  Ho Chi Minh      799.77        798          0.22
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3240.05       2880.76      12.47
  Bangkok          1693.2        1542.94      9.74
  Manila           8366.74       6840.64      22.31
  Jakarta          5959.378      5296.711     12.51
  Kuala Lumpur     1759.68       1641.73      7.18
  Ho Chi Minh      799.77        664.87       20.29
 
 (Reporting by Sumeet Gaikwad; Additional reporting by Aaron
Saldanha; Editing by Vyas Mohan)
  

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