Southeast Asian markets: Philippines rises to record close, Thailand to 24-year top

Philippine shares rose over 1 percent to a record close on Thursday with industrial and real estate stocks leading the gains, while Thai stocks climbed for a 10th session in 11 to their highest in more than two decades. The Philippine stock index extended gains into a third session and closed 1.1 percent higher at 8,144.91. Earlier in the day, it rose as much as 1.4 percent to a record high of 8,169.64.
Property developer Ayala Land climbed 1.2 percent to a record close, while JG Summit surged 4.8 percent to settle at its highest since August 7. "There's an added boost from Wall Street and some investors are also hopeful that the Senate will pass the tax reform measures next month," said Luis Gerardo Limlingan, managing director at Regina Capital Development Corp. The lower house of Philippine Congress in May passed the tax reform bill aimed at generating revenue to fund a multi-billion dollar infrastructure program key to the government's economic agenda.
"The stock market's surge to a record high underpins investor confidence in the local economy and in the Philippine capital markets. The Philippines remains a favourite among emerging markets as it continues to provide attractive returns," said PSE President and CEO Ramon Monzon. Thai shares rose 1 percent, closing at their highest since January 1994. Gains were largely broad-based with oil and gas refiner PTT Pcl rising nearly 1.5 percent to its highest close since February 7 and KasikornBank Pcl climbing to its highest close in over two years.
Oil prices steadied on Thursday, holding on to most of their recent gains after forecasts of stronger oil demand by the International Energy Agency (IEA). Vietnam shares closed at their highest since February 2008, while Indonesian stocks finished marginally higher. Singapore shares fell 0.3 percent to their lowest close in over two months, weighed down by a 1.4 percent drop in real estate stock CapitaLand Ltd and 1.1 percent fall in beer manufacturer Thai Beverage. Malaysian shares slipped with palm oil producer IOI Corp Bhd shedding 2.2 percent a day after grains trader Bunge Ltd said it would buy a 70 percent stake in the company for $946 million.
China posted a rare flurry of disappointing data earlier in the session, including its slowest growth in investment in nearly 18 years, but failed to jar most markets in Southeast Asia.