​SE Asia Stocks-Philippines, Thailand set fresh records; Vietnam falls

Philippine and Thai shares climbed to all-time highs on Tuesday, while most other Southeast Asian stock markets trod water in line with broader Asia as caution set in after the previous session’s record-setting gains. The Philippine index rose as much as 1 percent to an all-time high of 8,946.01 and was on track for its third straight winning session. Industrial and real estate stocks led the gains, with heavyweight SM Investments Corp gaining as much as 1.2 percent and JG Summit Holdings up 2.7 percent. Typical market strength in the first month of the year and positive data suggest the Philippine market may gain another 100 points, said Eagle Equities President Joseph Roxas. Robust investment inflows and trade deficit data reported last week signalled strength in the Philippine economy, while data released on Monday showed a 2 percent rise in November remittances from overseas Filipinos, a key driver of economic growth. Thai shares rose as much as 0.5 percent to a record 1,831.45 mark, on track for a fourth straight gaining session, helped higher by energy and financial stocks. Brent crude prices were settling in around $70 per barrel, levels last seen before the start of an oil market slump in late 2014. Oil and gas firm PTT rose 2 percent to a record while Bank of Ayudhya soared as much as 8.2 percent. However, trade in most other markets in the region were muted, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.4 percent after having hit… [Read full story]

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