September 14, 2017 / 10:08 AM / 10 months ago

SE Asia Stocks-Philippines rises to record close, Thailand to 24-yr top

    By Chris Thomas
    Sept 14 (Reuters) - Philippine shares rose over 1 percent to
a record close on Thursday with industrial and real estate
stocks leading the gains, while Thai stocks climbed for a 10th
session in 11 to their highest in more than two decades.
    The Philippine stock index extended gains into a
third session and closed 1.1 percent higher at 8,144.91. Earlier
in the day, it rose as much as 1.4 percent to a record high of
    Property developer Ayala Land climbed 1.2 percent
to a record close, while JG Summit surged 4.8 percent
to settle at its highest since Aug. 7.
    "There's an added boost from Wall Street and some investors
are also hopeful that the Senate will pass the tax reform
measures next month," said Luis Gerardo Limlingan, managing
director at Regina Capital Development Corp.
    The lower house of Philippine Congress in May passed the tax
reform bill aimed at generating revenue to fund a multi-billion
dollar infrastructure program key to the government's economic
    "The stock market's surge to a record high underpins
investor confidence in the local economy and in the Philippine
capital markets. The Philippines remains a favourite among
emerging markets as it continues to provide attractive returns,"
said PSE President and CEO Ramon Monzon.
    Thai shares rose 1 percent, closing at their highest
since January 1994.
    Gains were largely broad-based with oil and gas refiner PTT
Pcl rising nearly 1.5 percent to its highest close
since Feb. 7 and KasikornBank Pcl climbing to its
highest close in over two years.
    Oil prices steadied on Thursday, holding on to most of their
recent gains after forecasts of stronger oil demand by the
International Energy Agency (IEA).
    Vietnam shares closed at their highest since February
2008, while Indonesian stocks finished marginally
    Singapore shares fell 0.3 percent to their lowest
close in over two months, weighed down by a 1.4 percent drop in
real estate stock CapitaLand Ltd and 1.1 percent fall
in beer manufacturer Thai Beverage.
    Malaysian shares slipped with palm oil producer IOI
Corp Bhd shedding 2.2 percent a day after grains
trader Bunge Ltd said it would buy a 70 percent stake in
the company for $946 million.
    China posted a rare flurry of disappointing data earlier in
the session, including its slowest growth in investment in
nearly 18 years, but failed to jar most markets in Southeast
For Asian Companies click;  

  Change on day                                           
  Market           Current       Previous Close  Pct Move
  Singapore        3220.95       3230.36         -0.29
  Bangkok          1659.1        1642.94         0.98
  Manila           8144.91       8053.88         1.13
  Jakarta          5852.002      5845.734        0.11
  Kuala Lumpur     1781.37       1786.07         -0.26
  Ho Chi Minh      806.32        802.78          0.44
  Change on year                                 
  Market           Current       End 2016        Pct Move
  Singapore        3220.95       2880.76         11.81
  Bangkok          1659.1        1542.94         7.53
  Manila           8144.91       6840.64         19.07
  Jakarta          5852.002      5296.711        10.48
  Kuala Lumpur     1781.37       1641.73         8.51
  Ho Chi Minh      806.32        664.87          21.27

 (Reporting by Chris Thomas in Bengaluru; Additional reporting
by Enrico Delacruz in Manila; Editing by Subhranshu Sahu)
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