SE Asia Stocks-Most rise ahead of corporate earnings

By Ambar Warrick
July 19 (Reuters) – Most Southeast Asian stock markets
closed higher on Wednesday, in line with Asian peers, as
investors looked beyond economic cues from the United States to
focus on corporate earnings due next week.
Optimism about the Chinese economy underpinned Asian shares
and commodities, while the dollar hovered around 10-month lows
as investors bet that any further tightening in the U.S.
monetary policy would be slow at best.
“Investors are positioning themselves for second-quarter
earnings due next week,” said Manny Cruz, an analyst with
Manila-based Asiasec Equities Inc.
The recent uptrend in the regional stock markets points to a
better earnings season, he added.
Singapore shares posted their highest close in nearly
two years, driven by financial and real estate stocks.
Oversea-Chinese Banking Corp gained 1.1 percent to
close at a record high, while CapitaLand Ltd ended 0.8
percent higher.
NetLink NBN Trust, the broadband unit of Singapore
Telecommunications, rose slightly above its offer
price in its market debut on Wednesday in an IPO that is the
largest the city-state has seen in four years.
Fitch Ratings forecast a real GDP growth of 2.2 percent for
Singapore in 2017.
Philippine shares closed at their highest since June
9, with real estate and telecommunication stocks leading the
Property developer SM Prime Holdings rose 1.6
percent to a one-month closing high, while PLDT Inc
ended 0.9 percent higher.
“The (Philippine) President (Rodrigo Duterte) is expected to
divulge some information about further expansion in the economy
in his State of the Nation address next week, which has inspired
some regional buying from foreign and local fronts,” Cruz said.
Malaysian shares closed at their highest in nearly
two weeks, helped by financials. CIMB Group ended 1.4
percent higher.
Malaysian consumer prices in June rose 3.6
percent from a year earlier, government data showed, compared
with a Reuters estimate of 3.9 percent.

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Change on the day
Market Current previous Pct Move
Singapore 3325.07 3306.08 0.57
Bangkok 1575.85 1571.52 0.28
Manila 7972.9 7952.92 0.25
Jakarta 5806.69 5822.352 -0.27
Kuala Lumpur 1757.27 1754.92 0.13
Ho Chi Minh 771.3 767.49 0.50

Change so far in 2017
Market Current End 2016 Pct Move
Singapore 3325.07 2880.76 15.42
Bangkok 1575.85 1542.94 2.13
Manila 7972.9 6840.64 16.55
Jakarta 5806.69 5296.711 9.63
Kuala Lumpur 1757.27 1641.73 7.04
Ho Chi Minh 771.3 664.87 16.0

(Reporting by Ambar Warrick in Bengaluru; Editing by Subhranshu

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