SE Asia Stocks-Higher on positive China econ data, Wall Street

Source : REUTERS
Last Updated: Wed, Oct 19, 2016 10:20 hrs

By Rushil Dutta Oct 19 (Reuters) - Most Southeast Asian stock markets extended gains into a second session on Wednesday, in line with broader Asia, on Chinese economic data that confirmed the economy had stabilised, even though worries about debt prevailed. Sentiment was also buoyed by Wall Street advancing on solid corporate earnings. 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, as increased government spending and a property boom offset stubbornly weak exports. The growth figures were in line with economists' forecast in a Reuters poll. Investment in Chinese real estate picked 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 rose 1.5 percent, with gains across all sectors led by financials and consumer stocks. BDO Unibank Inc rose 3.2 percent to its highest in a month, while property developer SM Prime Holdings added 2 percent. 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 index extended gains and added 0.9 percent as financials and consumer stocks powered through. Joint Stock Commercial Bank for Foreign Trade of Viet Nam , the biggest financial company by market capitalisation, was 1.8 percent higher. Energy shares, 0.7 percent higher, benefited from higher oil prices. Thai shares were up 0.3 percent, while Singapore and Malaysia remained steady. Indonesia was the only market that fell with a 0.2 percent loss. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0412 GMT Market Current Previous Pct Move Close Singapore 2832.77 2830.63 0.08 Bangkok 1480.59 1477.54 0.21 Manila 7687.3 7571.15 1.53 Jakarta 5419.693 5430.048 -0.19 Kuala Lumpur 1668.12 1667.57 0.03 Ho Chi Minh 688.43 682.02 0.94 Change on year Market Current End 2015 Pct Move Singapore 2832.77 2882.73 -1.73 Bangkok 1480.59 1288.02 14.95 Manila 7687.3 6952.08 10.58 Jakarta 5419.693 4593.008 18.00 Kuala Lumpur 1668.12 1692.51 -1.44 Ho Chi Minh 688.43 579.03 18.89 (Reporting by Rushil Dutta; Additional reporting by Susan Mathew in Bengaluru; Editing by Gopakumar Warrier)

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