Southeast Asian markets: Philippine index hits record high

06 Jan, 2018

Most Southeast Asian stock markets rose on Friday, mirroring increases in Asian peers and in step with stellar gains on Wall Street overnight, with the Philippine and Thai indexes touching record closing highs. In Asia, shares hovered only a few points below their all-time peak of 591.5 hit in November 2007, as US jobs data pointed to firm economic growth. The Dow blew past the 25,000 mark for the first time on Thursday, while other major US indexes touched closing record highs again.
The gains on Wall Street have had a positive impact as most global asset managers are willing to take on risk, especially in the emerging markets, said Fio Dejesus, equity research analyst at RCBC Securities in Manila. Philippine shares climbed 0.4 percent to touch a record closing high, with real estate stocks and financials leading the gainers.
The index, which has posted five consecutive weekly gains, rose 2.5 percent on week, the highest since April 2017. Ayala Land Inc climbed 2.8 percent, while Ayala Corp rose to its highest since November 9.
Thai shares marked a record closing high on Friday, with financials leading the gainers. Bank of Ayudhya surged 16.6 percent to its highest since March 2015.
The index rose 2.4 percent on week. Singapore shares fell, dragged down by financials. The index, however, gained 2.5 percent on week, its best since January last year.
DBS Holdings, the biggest stock by market capitallisation, dropped 0.7 percent "Singapore has been on a good run of late, so I think it is just short-term profit-taking that's driving it down today," said a Singapore-based analyst who did not want to be named.
Malaysia added 0.8 percent, while Indonesian shares climbed nearly 1 percent.

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