* Real estate, banking stocks power Philippines
* Lender Bank Rakyat Indonesia rise 2.9%
* Low inflation in November hurts Thai stocks
By Soumyajit Saha
Dec 2 (Reuters) - Philippine and Indonesian shares rose more
than 1% each on Monday, helped by heavy buying in big-cap
stocks, while Thai stocks fell as dismal inflation figures
soured investor mood.
Indonesian stocks .JKSE rose the most in the region,
helped by gains in the financial sector. Lender Bank Rakyat
Indonesia (Persero) BBRI.JK rose 2.9%, while Bank Central Asia
BBCA.JK advanced 2.3%.
The rise was a "combination of investors bottom fishing on
attractive valuations and positive cues stemming from China,"
said Taye Shim, head of research at Mirae Asset Sekuritas.
Big-cap stocks in the financial sectors, helped prop up
Philippine shares .PSI . Real estate developer Ayala Corp
AC.PS jumped 4.3%, while lender BDO Unibank BDO.PS rose
4.1%.
There is some bargain hunting and positioning ahead of next
year due to expectations of GDP growth, while a low inflation
environment also provides room for monetary easing, said
Rachelle Cruz, analyst at AP Securities.
The Philippine economy was likely to grow faster than
previously thought in 2020, the International Monetary Fund had
said last month, adding that there was room to strengthen
expansionary policies if any risks emerged. The central bank said November annual inflation would likely
be between 0.9% and 1.7%, ahead of official numbers that come
out on Thursday. Thai stocks .SETI fell after data showed that headline
consumer price index rose 0.21% in November from last year, but
was lower than expected. The headline inflation remained below the Bank of Thailand's
1%-4% target range for a sixth straight month.
The poor inflation figures added to macroeconomic concerns
surrounding growth in the Thai economy, leading to selling in
big cap stocks, said Teerada Charnyingyong, strategist at
Phillip Securities, Thailand.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 3187.97 3193.92 -0.19
Bangkok 1569.53 1590.59 -1.32
Manila 7877.19 7738.96 1.79
Jakarta 6130.055 6011.83 1.97
Kuala Lumpur 1570.55 1561.74 0.56
Ho Chi Minh 959.31 970.75 -1.18
Change so far in
2019
Market Current End 2018 Pct Move
Singapore 3187.97 3068.76 3.88
Bangkok 1569.53 1563.88 0.36
Manila 7877.19 7,466.02 5.51
Jakarta 6130.055 6,194.50 -1.04
Kuala Lumpur 1570.55 1690.58 -7.10
Ho Chi Minh 959.31 892.54 7.48