Singapore stocks gain, Philippines set to snap losing run

Singapore shares climb after a survey shows factory activity rises for the 13th consecutive month in November. — — AFP pic

shares climb after a survey shows activity rises for the 13th consecutive month in November. — — AFP picSINGAPORE, Dec 5 — Singapore shares edged higher today, led by gains in top lenders, while the Philippines rebounded, on track to snap a five-session losing streak.

Singapore shares climbed 0.4 per cent after a survey showed late yesterday that factory activity rose for the 13th consecutive month in November to hit its highest level in eight years.

Heavyweights Oversea- Corp, DBS Group Holdings and United Overseas Bank posted gains in the range of 1.2 per cent to 1.5 per cent.

Philippine shares inched up 0.3 per cent after data showed headline slowed for the first time in five months to 3.3 per cent, in line with forecasts.

The Philippine governor said late last month that the economy was not at risk of overheating, and with data showing inflation slowing, this may ease pressure on the to raise interest rates next year.

Philippine annual inflation is on track to hit the central bank’s forecast of 3.2 per cent for 2017, the governor said today.

However, the gains in may be temporary, said Joseph Roxas, president at Manila-based Eagle .

“Maybe for the rest of the day, but I think in the next few days, we should try to test the lows again,” he added.

Real estate and industrial stocks posted the biggest gains, with Ayala Land Inc and Aboitiz Equity Ventures Inc adding 1.3 per cent and 1.6 per cent, respectively.

Indonesian stocks firmed 0.1 per cent as financials and consumer discretionary stocks rose.

Astra International Tbk PT rose 2.2 percent and Bank Central Asia Tbk PT 0.7 per cent.

Malaysian shares were flat, with Sime Darby’s recently spun off units offsetting gains in Genting and Petronas Gas.

Thai was closed on account of a national holiday. — Reuters

Source: The Malay Mail Online

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