Philippines snaps 8 sessions of fall

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(June 26): Philippine shares closed higher for the first time in nine sessions on Tuesday, driven mainly by industrial and real estate stocks, while Indonesian shares fell for a fifth session in six.

The Philippine Stock Exchange PSEi Index rose 0.3% with industrial conglomerate JG Summit Holdings closing 3.8% higher, while property developer SM Prime Holdings Inc gained 1.4%.

Singapore stocks recovered from an early fall to close 0.6% higher, helped largely by a turnaround in financials. Oversea-Chinese Banking Corp Ltd rose 0.7%.

The island state's industrial production in May accelerated 11.1% from a year earlier, bolstered by higher output in pharmaceutical and electronics sectors. A jump in manufacturing output bodes well for Singapore's economy, which depends chiefly on exports.

Among losers, Indonesian shares closed 0.6% lower, dragged largely by financials. Bank Central Asia ended 3.7% lower, while Bank Negara Indonesia closed at a one-month low.

The central bank is likely to raise its key interest rate when it meets this Friday, as the country looks to stabilise the fragile rupiah, a Reuters poll showed.

Vietnam shares ended about 0.8% lower, weighed down by financials and consumer staples. Insurer BaoViet Holdings fell 3.1%, while Vietnam Dairy Products JSC ended 1.8% lower.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4%.

"Asian bourses are likely to remain handicapped in trading for the near-term, as investors prefer to de-risk into the heightened global trade war uncertainties and thinner summer trading conditions," OCBC said in a research note.
    
SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day

Market Current Previous close Pct Move
Singapore 3280.87 3260.84 0.61
Bangkok 1623.98 1622.28 0.10
Manila 7007.21 6986.88 0.29
Jakarta 5825.649 5859.083 -0.57
Kuala Lumpur 1675.86 1678.1 -0.13
Ho Chi Minh 983.02 990.52 -0.76

Change on year

Market Current End 2017 Pct Move
Singapore 3280.87 3402.92 -3.59
Bangkok 1623.98 1753.71 -7.40
Manila 7007.21 8558.42 -18.12
Jakarta 5825.649 6355.654 -8.34
Kuala Lumpur 1675.86 1796.81 -6.73
Ho Chi Minh 983.02 984.24 -0.12