Philippine stocks lead Southeast Asian peers

Most Southeast Asian shares rose on Monday, with Indonesia gaining for a seventh straight session, while investors awaited the outcome of central bank meetings in Japan and the United States for cues on monetary policies.

The US Federal Reserve meets on Tuesday and Wednesday and is widely expected to stand pat while reaffirming the outlook for further gradual rate rises, while the Bank of Japan policy meeting is due on Tuesday amid talks it could tweak its massive asset-buying campaign.

Philippine shares rose 0.93% and were the top performers in the region, aided by gains in Aboitiz Equity Ventures Inc, up 5%, and Ayala Land, up 2.1%.

“The central bank has been hawkish in its statements … the markets are now expecting the peso to stabilise at the current level, which is good for investors,” said Rachelle Cruz, an analyst at AP Securities.

Indonesian shares climbed 0.7% in their seventh consecutive gaining session helped by industrials. The country’s July annual inflation rate is due on Wednesday.

Indonesia’s consumer price index is expected to have risen to 3.24% in July, above June’s 2.12%, according to the median forecast of 12 economists polled by Reuters.

Coal miners led the gains on the benchmark with Bayan Resources Tbk Pt and Adaro Energy Tbk Pt rising 4.5% and 6.4%, respectively, helped by higher prices for the fuel.

Vietnam shares, up over 1.5%, gained for a third straight session boosted by financials.

Vietnam’s industrial production rose 14.3% in July from a year earlier, while the consumer price index grew 4.46% in July, government data released on Sunday showed.

Singapore shares, down 0.5%, were the sole losers in the region.

Financial heavyweights Oversea-Chinese Banking Corp, United Overseas Bank and DBS Group Holdings fell.

Article source: https://www.bangkokpost.com/business/finance/1512714/philippine-stocks-lead-southeast-asian-peers

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