SE Asia Stocks-Higher as China economy seen stabilising

SE Asia Stocks-Higher as China economy seen stabilising

Last Updated: Wed, Oct 19, 2016 15:40 hrs

By Rushil Dutta Oct 19 (Reuters) - Most Southeast Asian stock markets ended higher on Wednesday, with the Philippines gaining 2 percent, as encouraging Chinese economic data and Wall Street advancing on solid corporate earnings kept investor sentiment agreeable. China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter and in line with market expectations. Wednesday's data portrayed the economy as slowly stabilising but increasingly needy for government spending and a housing boom for growth, as private investment and exports remain weak. Investment in Chinese real estate picked up pace in September after edging higher in the previous month, highlighting the persistence of investor demand. "China data is a bit of a mixed bag. Though the headlines said met expectations, there are some soft spots in the gain in industrial production," said Vishnu Varathan, a senior economist with Singapore-based Mizuho Corporate Bank. "To the extent that investments in China are holding up, it's giving some of the China-focused markets a bit of a lift." Philippine shares saw gains across all sectors, led by financial and consumer stocks. BDO Unibank Inc rose as much as 3.7 percent, its biggest percentage gain in three months, before closing 3.6 percent higher. Philippine stocks began rallying on Tuesday on hopes that President Rodrigo Duterte's foreign visits would create an inflow of business. Duterte is in China this week. Vietnam's main stock index rose 1 percent as financial and consumer stocks powered through. Real estate investing firm Vingroup JSC climbed 2 percent. Thai shares extended gains after mid-day, rising 0.6 percent. Consumer stocks were the biggest gainers. Thailand's Deputy Prime Minister said the country has no need to introduce additional economic resources, amid concerns that domestic activity could be affected by a year of mourning for King Bhumibol Adulyadej. Indonesia was the only market that fell, with a 0.4 percent drop. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on day Market Current Previous Pct Move Close Singapore 2844.62 2830.63 0.49 Bangkok 1486.28 1477.54 0.59 Manila 7721.57 7571.15 1.99 Jakarta 5409.288 5430.048 -0.38 Kuala Lumpur 1668.27 1667.57 0.04 Ho Chi Minh 688.89 682.02 1.01 Change on year Market Current End 2015 Pct Move Singapore 2844.62 2882.73 -1.32 Bangkok 1486.28 1288.02 15.39 Manila 7721.57 6952.08 11.07 Jakarta 5409.288 4593.008 17.77 Kuala Lumpur 1668.27 1692.51 -1.43 Ho Chi Minh 688.89 579.03 18.97 (Reporting by Rushil Dutta; Additional reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu)



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