July 24, 2018 / 10:41 AM / in 5 months

SE Asia Stocks-Philippines up 1 pct; Singapore, Thailand erase early gains

    * Philippines posts 3rd straight gain
    * Malaysia up for 11th session in 12

    By Syed Saif Hussain Naqvi
    July 24 (Reuters) - Philippine shares ended 1 percent higher
on Tuesday while Thailand and Singapore erased gains on
profit-booking following an early surge after China promised
fiscal action to support its economy.
    China said late on Monday it would cut corporate taxes and
speed up local special bond issuance, among other measures, to
boost growth in the world's second-largest economy.
    Investors cheered the move, with Asian shares ex-Japan
 rising 0.8 percent to their highest level in
over a week.
    "Regional markets are reacting to signs that China is moving
for a monetary expansion, and that has improved sentiment,"
Asiasec Equities Inc analyst Manny Cruz said.
    Philippine shares were the top gainers in the region,
with industrial stocks contributing more than half of the gains.
    SM Investments and SM Prime Holdings, up 3 percent
and 1.4 percent respectively, were the biggest boost to the
index. 
    Meanwhile, global bond yields rose on fears the Japanese
central bank may unwind its aggressive monetary stimulus,
sending financial shares higher.
    Malaysian shares rose 0.3 percent, their eleventh
gain in twelve sessions, led by consumer staples and
telecommunication stocks. 
    Indonesian shares finished 0.3 percent higher,
driven by financial stocks.
    Bank Mandiri (Persero) Tbk Pt and Bank Negara
Indonesia (Persero) Tbk Pt, up 1.95 percent and 0.7
percent respectively, were among the top gainers.
    In Singapore, losses in telecommunications and consumer
shares offset gains in energy and financials.
    Venture Corporation Ltd, down 4.6 percent, was the
top loser after the Singapore Exchange Securities Trading Ltd
issued a query on the company's recent trading activity. 
    PTT PCl, down 2.35 percent, was the biggest drag on
the Thai main index.   
        
      
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SOUTHEAST ASIAN STOCK MARKETS
  Change on the                                    
 day                                       
  Market          Current      Previous    Pct Move
                               close       
  Singapore       3292.65      3293.71     -0.03
  Bangkok         1674.22      1675.75     -0.09
  Manila          7447.02      7376.8      0.95
  Jakarta         5931.842     5915.796    0.27
  Kuala Lumpur    1762.93      1757.96     0.28
 Ho Chi Minh      934.08       936.74      -0.28
                                           
  Change on year                           
  Market          Current      End 2017    Pct Move
  Singapore       3292.65      3402.92     -3.24
  Bangkok         1674.22      1753.71     -4.53
  Manila          7447.02      8558.42     -12.98
  Jakarta         5931.842     6355.654    -6.67
  Kuala Lumpur    1762.93      1796.81     -1.89
  Ho Chi Minh     934.08       984.24      -5.09
 

 (Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by
Vyas Mohan)
  
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