Thai shares jumped to a near 24-year closing high on Tuesday after Prime Minister Prayuth Chan-ocha said the country will hold general elections in November next year, while Philippine stocks extended gains to close at a record level on positive trade data. Prayuth, head of the ruling junta, said the exact date would be announced in June 2018. The junta had announced election dates at least two times in the past, only to push them back later, citing concerns such as changes to the constitution and security issues.
"Lot of investors were waiting for the news of elections as it will be a catalyst to move the market above the 1,700 level," said Teerada Charnyingyong, an analyst with Phillip Capital Thailand, soon after mid-day. The Thai SET index ended 0.9 percent higher at 1,706.95, its highest close since January 1994. Energy and consumer staples stocks led the gains, with PTT Pcl rising 2.4 percent while CP All Pcl climbed 2.2 percent.
Philippine shares rose for a third straight session and closed at a record level of 8,398.04. SM Investments gained 2.3 percent and BDO Unibank rose 1.6 percent. Trade data released early in the session showed that exports in the eight months to August rose 13.3 percent to $42.11 billion from a year ago, while imports jumped 8.2 percent to $59.15 billion. Most other Southeast Asian stock markets marked time with investors awaiting the minutes of Federal Reserve's September meeting due on Wednesday.
Indonesian shares ended 0.2 percent lower, weighed down by telecom and consumer stocks. Telekomunikasi Indonesia (Persero) was the biggest drag, shedding 2 percent to close at its lowest in more than three months. The index of the country's 45 most liquid stocks fell 0.3 percent. Singapore shares edged down, hurt by declines in financials. United Overseas Bank dropped 0.6 percent, while Oversea-Chinese Banking Corp slipped 0.3 percent.