Thai, Philippine stock markets lead Southeast Asian peers

Thai, Philippine stock markets lead Southeast Asian peers

Thai and Philippine stocks were the top gainers, while other markets in the region saw lacklustre trade as investors were still unnerved by Sino-US trade concerns.

"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 Stock Exchange of Thailand index jumped 17.70 points or 1.10% to 1,622.10, in turnover of 37 billion baht but was down 0.8% for the week. Index heavyweight Airports of Thailand Plc soared 2.4%, while PTT Plc closed 1.6% up.

The Philippine index rose 1%, driven by gains in real estate and financial stocks. It gained 3.6% 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%, while Bank of the Philippine Islands jumped 3.6%.

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

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

Indonesian shares added 0.3%, extending gains to a second straight session but shed 0.1% for the week.

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


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