SE Asia Stocks-Largely up ahead of Trump speech; Philippines comes off 2-1/2-mth high

Last Updated: Wed, Jan 11, 2017 11:00 hrs

By Sandhya Sampath Jan 11 (Reuters) - Southeast Asian stock markets edged up on Wednesday, tracking gains in Asian peers, as investors looked to U.S. President-elect Donald Trump's news conference later in the day for clues on his policies. While Trump's plan for tax cuts and infrastructure spending has boosted U.S. shares and the dollar, his protectionist statements during the months-long election campaign have kept many investors on edge. "We are vulnerable to Trump's protectionist policies, so I think investors will be closely watching that," said Victor Felix, an analyst with AB Capital Securities, adding that foreign buying was back after significant outflows over the past two-three months. Philippine shares fell after hitting a two-and-a-half-month high earlier and were headed for their first decline in seven sessions as investors chose to book profits. The market has rallied a lot and too fast, so "investors are taking profits right now, letting it cool off", said Felix. "Foreign investors see that the Philippines will be able to weather whatever protectionist policies Trump might have, mainly because of the strong GDP growth rate." Financials and utilities led the decline with property developer SM Prime Holdings Inc and Metro Pacific Investments Corp shedding 0.6 percent and 2.1 percent, respectively. Singapore shares were 0.3 percent higher, extending gains into a seventh session. Telecommunication services providers were the top performers followed by consumer goods. Singtel rose as much as 1.6 percent and was headed for a sixth consecutive session of gains. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0432 GMT Market Current previous close Pct Move Singapore 3016.04 3006.02 0.32 Bangkok 1577.57 1572.10 0.38 Manila 7347.15 7364.34 -0.23 Jakarta 5317.442 5309.924 0.11 Kuala Lumpur 1674.21 1672.05 0.13 Ho Chi Minh 683.52 681.07 0.37 Change this year Market Current End 2016 Pct Move Singapore 3016.04 2882.76 4.6 Bangkok 1577.57 1542.94 2.2 Manila 7347.15 6840.64 7.4 Jakarta 5317.442 5296.711 0.4 Kuala Lumpur 1674.21 1641.73 2.0 Ho Chi Minh 683.52 664.87 2.8 (Reporting by Sandhya Sampath; Additional reporting by Susan Mathew; Editing by Subhranshu Sahu)



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