SE Asian stocks largely muted; Philippines hits record closing high

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(Oct 17): Most Southeast Asian markets were subdued on Tuesday while Philippines shares hit a record closing high as index heavyweights gained.

The Philippine stock index closed 0.59% higher at 8497.74, its highest ever, helped by gains in heavyweights SM Investments and SM Prime Holdings

"We're playing catch-up. Most regional markets rallied yesterday, so today there's pent-up demand," said Jeff Lucero, an analyst from RCBC Securities.

Cash remittances from Filipinos overseas rose 7.8% in August, to its highest in five months, data from the Philippine central bank showed on Monday.

Broader Asian shares held on to gains from the previous session on optimism about upcoming earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%.

Singapore shares gained even as data showed an unexpected dip in exports in September.

Non-oil domestic exports slipped 1.1% in September from a year earlier, proving to be in stark contrast with analysts' expectations of a 12.7% surge.            

Vietnam shares ended about 1.1% higher, with financial stocks leading the gains. Vietcom Bank was the biggest gainer while Hoa Phat Group was among the best performers in the benchmark. Hoa Phat Group reported a 21% surge in nine-month net profit.

The Jakarta SE composite index was steady at close as gains in consumer staples were offset by losses in telecommunication services and consumer discretionary sectors.

Thai shares ended lower as financials declined. Bangkok Bank was among the top losers.

Change on the day

Market             Current      Previous close    % move
Singapore          3329.03      3323.06     0.18
Bangkok            1722.89      1726.67     -0.22
Manila             8497.74      8447.94     0.59
Jakarta            5947.33      5949.701    -0.04
Kuala Lumpur       1748.99      1754.37     -0.31
Ho Chi Minh        828.29       819.43      1.08

Change on year

Market             Current      End 2016    % move
Singapore          3329.03      2880.76     15.56
Bangkok            1722.89      1542.94     11.66
Manila             8497.74      6840.64     24.2
Jakarta            5947.33      5296.711    12.28
Kuala Lumpur       1748.99      1641.73     6.53
Ho Chi Minh        828.29       664.87      24.6