SE Asia Stocks-Rise ahead of ECB meet; Philippines recovers on bargain-hunting
* Philippines leads gains in the region * Vietnam at near 4-month high * Banks pull Singapore benchmark higher By Anushka Trivedi July 25 (Reuters) - Philippine shares climbed to a one-week high on Thursday as investors picked up battered stocks, while all other regional markets ended higher ahead of a European Central Bank meeting later in the day. The Philippine benchmark recovered from a steep loss earlier in the session to rise 1.4%, helped by last-minute buying in heavyweights such as BDO Unibank Inc and Ayala Corp. The bourse seems to be making up for the sharp sell-off over the last few days, with investors hunting for cheapened stocks, Charles William Ang, an analyst with COL Financial Group said. The index had recorded its sharpest fall in over one week on Wednesday, dragged by fast-food chain operator Jollibee Foods Corp after it announced plans to acquire the loss-making U.S.-based company Coffee Bean & Tea Leaf. Jollibee closed 6% lower on Thursday to record its eighth straight session of loss. Meanwhile, other regional markets were lifted by the prospect of dovish action by the ECB after the latest surveys showed business activity in the Euro zone slowed down in July, while manufacturing contracted for the sixth straight month. "The most likely sequence is that the ECB alters its rates guidance today to explicitly signal the possibility of lower interest rates", Lloyds Bank said in a research note. Adding to the positive momentum was an assurance that the U.S. Federal Reserve, which will convene its policy meet next week, will slash interest rates by at least 25 basis points, according to a Reuters poll. Singapore's main index also nudged higher with gains in its top three banks helping the benchmark. DBS Group Holdings Ltd, United Overseas Bank Ltd and Oversea-Chinese Banking Corp Ltd added between 0.3% and 1%. Rating agency Fitch said Singapore's top tier banks have managed their U.S.-dollar funding and liquidity risks well and believes in their ability to withstand temporary U.S.-dollar liquidity outflows in the near-term. Meanwhile, Vietnam shares rose 0.7% to a near 4-month high, bolstered by financial stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3381.26 3368.44 0.38 Bangkok 1730.9 1725.44 0.32 Manila 8272.18 8161.49 1.36 Jakarta 6401.365 6384.987 0.26 Kuala Lumpur 1656.58 1652.41 0.25 Ho Chi Minh 994.95 988.41 0.66 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3381.26 3068.76 10.18 Bangkok 1730.9 1563.88 10.68 Manila 8272.18 7,466.02 10.80 Jakarta 6401.365 6,194.50 3.34 Kuala Lumpur 1656.58 1690.58 -2.01 Ho Chi Minh 994.95 892.54 11.47 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)
