Most Southeast Asian stock markets ended higher on Tuesday, with Philippines extending its rally to a sixth session on a spur of foreign buying, while Singapore closed at its highest in fourteen months. Data from the Philippine Stock Exchange show net foreign buying of 1.8 billion pesos ($37 million) in the first five trading days of 2017. From being one of the most battered markets in the region last year, the Philippines currently leads a rally in Southeast Asia with a near 8 percent gain so far.
Foreign buying has increased in the past few trading sessions for Philippines, aiding its continuous run of gains, said Theodore Tan of AP Securities. Philippine index hit its highest in more than two months and closed 1.2 percent higher, backed by gains in financial and real estate companies. SM Prime Holdings
closed up 2.3 percent , while Ayala Land added 1.3 percent. Singapore shares closed at its highest since November 2015, buoyed by financials and consumer stocks. Oversea-Chinese Banking Corp Ltd closed up 1.6 percent and was among the best performers. Jakarta closed 0.12 percent lower, dragged down by consumer and telecom stocks. The world's largest producer of palm oil reported a fall in its annual palm oil exports. Thai stocks ended 0.5 percent higher as financial and telecom shares gained, while Vietnam finished marginally lower.