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SE Asia Stocks-Thailand jumps to near 24-yr closing high; Philippines extends gains
October 10, 2017 / 10:20 AM / in 9 days

SE Asia Stocks-Thailand jumps to near 24-yr closing high; Philippines extends gains

    By Shanima A
    Oct 10 (Reuters) - Thai shares jumped to a near 24-year
closing high on Tuesday after Prime Minister Prayuth Chan-ocha
said the country will hold general elections in November next
year, while Philippine stocks extended gains to close at a
record level on positive trade data.
    Prayuth, head of the ruling junta, said the exact date would
be announced in June 2018. The junta had announced election
dates at least two times in the past, only to push them back
later, citing concerns such as changes to the constitution and
security issues.   
    "Lot of investors were waiting for the news of elections as
it will be a catalyst to move the market above the 1,700 level,"
said Teerada Charnyingyong, an analyst with Phillip Capital
Thailand, soon after mid-day.
    The Thai SET index ended 0.9 percent higher at
1,706.95, its highest close since January 1994. 
    Energy and consumer staples stocks led the gains, with PTT
Pcl rising 2.4 percent while CP All Pcl
climbed 2.2 percent.
    Philippine shares rose for a third straight session
and closed at a record level of 8,398.04. SM Investments
gained 2.3 percent and BDO Unibank rose 1.6 percent.
    "Philippine markets closed at yet another all-time high, and
just short of the 8,400 marker, export and import data may have
buoyed the market with little activity happening in the United
States," said Luis Limlingan, managing director at Regina
Capital Corp. 
    Trade data released early in the session showed that exports
in the eight months to August rose 13.3 percent to $42.11
billion from a year ago, while imports jumped 8.2 percent to
$59.15 billion.
    Most other Southeast Asian stock markets marked time with
investors awaiting the minutes of Federal Reserve's September 
meeting due on Wednesday.
    Indonesian shares ended 0.2 percent lower, weighed
down by telecom and consumer stocks. Telekomunikasi Indonesia
(Persero) was the biggest drag, shedding 2 percent to
close at its lowest in more than three months.
    The index of the country's 45 most liquid stocks
fell 0.3 percent.  
    Singapore shares edged down, hurt by declines in
financials. United Overseas Bank dropped 0.6 percent,
while Oversea-Chinese Banking Corp slipped 0.3
percent.
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on day 
  Market          Current      previous    Pct Move
                               close       
  Singapore       3288.95      3291.56     -0.08
  Bangkok         1706.95      1692.22     0.87
  Manila          8398.04      8367.38     0.37
  Jakarta         5905.762     5914.933    -0.16
  Kuala Lumpur    1761.13      1764.03     -0.16
 Ho Chi Minh      810.65       808.96      0.21
                                           
  Change so far                            
 this year                                 
  Market          Current      End 2016    Pct Move
  Singapore       3288.95      2880.76     14.17
  Bangkok         1706.95      1542.94     10.63
  Manila          8398.04      6840.64     22.8
  Jakarta         5905.762     5296.711    11.50
  Kuala Lumpur    1761.13      1641.73     7.27
 Ho Chi Minh      810.65       664.87      21.9
 
 (Reporting by Shanima A in Bengaluru; Additional reporting by
Enrico delaCruz in Manila; Editing by Subhranshu Sahu)
  

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