(Oct 17): The Philippine stock market hit a recordhigh on Tuesday, surging more than 1%, as trading resumed after a holiday, while most other Southeast Asian markets were subdued.
The Philippine stock index leapt as much as 1.4%, driven by heavyweights SM Investments and BDO Unibank.
"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, 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 inched up marginally even as data showed an unexpected dip in exports in September.
Non-oil domestic exports fell 1.1% in September from a year earlier, compared to analysts' expectations of a 12.7% rise.
Vietnam shares also edged up, with financial stocks dominating gains. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietcom Bank were the best performers in the benchmark.
The Jakarta SE composite index, which fell as much as 0.4%, led the losses in the region. Financial stocks made up for most of the decline, with Bank Mandiri (Persero) Tbk among top decliners.
Thai shares were also in the red, with petroleum and gas giant PTT Public Co leading losers.
SOUTHEAST ASIAN STOCK MARKETS
Change at 0357 GMT
|Market||Current||Previous close||% move|
|Ho Chi Minh||822.48||819.43||0.37|
Change on year
|Market||Current||End 2016||% move|
|Ho Chi Minh||822.48||664.87||23.7|