Asean markets to trail behind the East Asian markets
SINGAPORE: Philippine shares rose 1.5 percent on Wednesday, recovering from two consecutive sessions of fall, while other Southeast Asian markets were rangebound as investors digested the recent slew of economic data.
Broader sentiment was upbeat with Asian technology stocks hitting 17-year peaks as strong earnings from Apple rippled out to component makers globally, and the Dow Jones Industrial Average ascending to a record high overnight.
"The series of Nikkei PMI releases across Asia painted a weaker reading for most countries for the month of July," DBS Group said in a research note.
Financial, consumer and property stocks led the gains in the Philippines. Property developer SM Prime Holdings Inc rose 1.5 percent, while JG Summit Holdings Inc climbed 2.1 percent.
Singapore shares shed as much as 0.5 percent before erasing the decline to trade little changed ahead of the release of July manufacturing PMI data later in the day.
"The outlook for the manufacturing sector in the coming months is expected to be tepid," said DBS Group.
Telecom and industrial stocks accounted for about two-thirds of the decline. Singapore Telecommunications Ltd dropped 0.8 percent, heading for a third consecutive session of fall, while Sembcorp Industries Ltd declined 1.5 percent.
Thai shares rose 0.2 percent with financials and industrial stocks leading the gains. Siam Commercial Bank PCL rose 1 percent, while Airports of Thailand PCL gained 1.4 percent.
Vietnam shares recovered from early falls to trade 0.2 percent higher and were headed for a fourth consecutive sessions of gains, with financial and energy stocks being the leading drivers.
Vietnam Joint Stock Commercial Bank for Industry and Trade rose 2 percent, while Vietnam National Petroleum Group added 0.6 percent.
Indonesian shares fell 0.1 percent, dragged by energy and consumer stocks. An index of the region's 45 most liquid stock dropped 0.2 percent. - Reuters
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