Stocks in Indonesia eked out slim gains on Tuesday as a set of positive economic data lifted select shares, including banks, while the Philippine index edged lower amid domestic-led selling in rallying stocks such as BDO Unibank. Indonesia's key index rose 0.13 percent to a near two-week high after data showed a small trade surplus in May and manufacturing activity rose to a record high for the second month in June, which reflected domestic demand for new orders.
The market saw a late rebound in shares of Bank Mandiri and Bank Rakyat while shares of retailer Matahari Putra Prima erased early gains to end unchanged. The market was broadly weak in early trade as caution remained over the outlook on the trade balance. "I am quite worried about trade deficit which could go up ahead as a result of this strong PMI. If trade deficit were to widen, sentiment in the market would not be positive in my view," said Harry Su, head of research at Bahana Securities.
Losses in the Philippines were led by shares of BDO Unibank and Philippine Long Distance Telephone as selling by domestic investors overshadowed strong foreign inflows into the two stocks, stock exchange data showed. Foreign investors were net buyers of Philippine shares worth a net 1.2 billion peso ($27.52 million), with about 70 percent of total being net buying in BDO and PLDT, data showed. Elsewhere, Singapore's key share index hit a near two-month low as weak private home prices dented sentiment in property shares including Hongkong Land Holdings Ltd and CapitaLand. The Thai stock market was closed on Tuesday.
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