SINGAPORE, May 15 — Philippine shares extended gains for a third consecutive session and touched a one-month high today as foreign buying continued, while Indonesia shed nearly 1 per cent weighed down by financials.
The Philippine index rose as much as 1.6 per cent, with real estate and industrials leading the gains.
“There is inflow of foreign funds and it’s a subsequent move from last week," said Manny Cruz, analyst at Asiasec Equities Inc.
Property developer SM Prime Holdings gained as much as 6 per cent and SM Investment Corp rose 1.5 per cent.
Bangko Sentral ng Pilipinas had raised its benchmark interest rate for the first time in over three years on Thursday, following robust first-quarter GDP data, which is helping the markets, added Cruz.
Foreign investors net bought 571.1 million pesos (RM43.2 million) worth of equities on Friday, according to Philippine Stock Exchange data. The financial markets were closed yesterday for a holiday.
Malaysian stocks edged 0.5 per cent higher, with telecom and consumer sectors reaping benefits from a possible repeal of the goods and service tax.
Telecommunication service provider Maxis Bhd climbed as much as 5.4 per cent, while Genting Malaysia was up 1.8 per cent.
In other parts of South-east Asia, Indonesia slipped over 1.5 per cent, dragged down by financials. Indonesian equities took a beating all of last week on capital outflow worries.
Apart from the suicide bombing attacks that happened yesterday, the currency is also one of the worst performers in the region, adding to investor anxiety, Cruz said.
Bank Central Asia shed over 3 per cent while Bank Mandiri fell as much as 2.8 per cent.
An index of country's 45 most liquid stocks fell about 2 per cent.
Thailand fell marginally as gains in healthcare stocks were offset by losses in financials and energy stocks.
PTT Public Co, down as much as 1.8 per cent, was the biggest loser. — Reuters
