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.
 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