Asean markets up, Philippines hits near 10 month top

Asean markets to trail behind the East Asian markets

SINGAPORE: Southeast Asian stock markets rose on Monday tracking gains in U.S. equities that closed at record levels on Friday despite a tepid jobs report and shrugging off a third militant attack in Britain in less than three months.

 In Asia, however, stocks were subdued as the attacks in London that killed at least seven people and wounded 48 spooked investors.

"I think, generally, there still seems to be an underlying interest towards emerging markets/Asia, with regional equities taking broad cues from U.S. equities," said Emmanuel Ng, a                                    strategist at Oversea-Chinese Banking Corp in Singapore. 

Data also indicates interest towards emerging markets outpacing flows into developed markets, he said. 

In Southeast Asia, Philippine shares rose as much as 1.7 percent to their highest since August 2016, boosted by industrial and real estate stocks. 

Index heavyweights SM Investments Corp was up as much as 4.1 percent, while SM Prime Holdings added 4 percent.

Malaysia rose to its highest in nearly three weeks, with top lenders MALAYAN BANKING BHD, PUBLIC BANK BHD and CIMB Group Bhd gaining in the range of 0.8 percent to 2.7 percent.

Indonesian shares rose to their highest in nearly two weeks, driven by financial stocks. 

The Thai index gained as much as 0.3 percent, while Vietnam posted its biggest intraday percentage gain in two weeks.  - Reuters

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