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Southeast Asia stocks: Philippine, Thailand gain 1 percent; others lacklustre

11/23/2018 | 05:37am EST
People look at trading boards at a private stock market gallery in Kuala Lumpur

(Reuters) - Philippine and Thai stocks were the top gainers on Friday, while other markets in the region saw lacklustre trade as investors were still unnerved by Sino-U.S. trade concerns ahead of a meeting between leaders of the two countries next week.

"Global market retreat is driven by tech and export market turbulence whereas Southeast Asia is more of a domestic-driven economy rather than exports and tech serving economy," said Taye Shim, head of research and strategist with Mirae Asset Sekuritas.

Investors are now turning their focus towards emerging markets, he added.

The Philippine index <.PSI> rose 1 percent, driven by gains in real estate and financial stocks. It gained 3.6 percent during the week.

"The region was advancing when the Philippines was left behind but the Philippines is really coming off a low pace and the valuations seems better, and with the macro factors at play like inflation expected to trim down in the coming month, stocks are rising," said Fio Dejesus, equity research analyst at RCBC Securities.

Conglomerate Ayala Land rallied 3.8 percent, while Bank of the Philippine Islands jumped 3.6 percent.

Thai shares <.SETI> climbed 1.1 percent on gains across the board, but were down 0.8 percent for the week.

Index heavyweight Airports of Thailand PCL soared 2.4 percent, while gas and petroleum supplier PTT PCL closed 1.6 percent up.

Singapore shares <.STI> edged 0.4 percent higher with Singapore Airlines Ltd gaining 1.8 percent and lender Oversea-Chinese Banking Corp. Ltd up 0.8 percent.

The city-state's headline consumer price index rose less than expected at 0.7 percent in October from a year earlier, unchanged from September.

Indonesian shares <.JKSE> added 0.3 percent, extending gains to a second straight session but shed 0.1 percent for the week.

Consumer and material stocks boosted the index with Pikko Land Development Tbk PT firming 16.2 percent and Astra Agro Lestari Tbk PT jumping 3.5 percent.

(Reporting by Aman Swami; Editing by Sunil Nair)

By Aman Swami

ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AIRPORTS OF THAILAND PUBLIC COMPANY LIMITED -0.42% 59.25 End-of-day quote.-4.82%
AYALA LAND, INC. 1.47% 34.5 End-of-day quote.-15.65%
BANK OF THE PHILIPPINE ISLANDS 0.89% 90.8 End-of-day quote.11.62%
LAND CO., LTD. 0.00% 11 End-of-day quote.37.50%
OVERSEA-CHINESE BANKING CORPORATION LIMITED -0.09% 11.29 End-of-day quote.12.23%
PT ASTRA AGRO LESTARI TBK -1.02% 9725 End-of-day quote.-21.10%
PT PIKKO LAND DEVELOPMENT TBK 1.05% 96 End-of-day quote.88.24%
PTT PUBLIC COMPANY LIMITED -1.34% 36.75 End-of-day quote.-13.53%
SINGAPORE AIRLINES LIMITED 0.62% 4.87 End-of-day quote.13.79%
TBK CO., LTD. 1.75% 406 End-of-day quote.-8.97%
THE GLOBAL LTD. 4.69% 201 End-of-day quote.-22.69%
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