The Philippine index set a record
close for a sixth session on Monday as a strong domestic economy bolstered
buying into consumer stocks, while the Thai benchmark index ended at a 16-1/2
year peak, spurred by gains in large caps such as PTT Pcl. The Philippine
benchmark index ended at 5,672.70, above Friday's record of 5,640.45, on strong
trading volume, which was 2.76 times the average full-day volume in the last 30
sessions.
Investors piled into consumer
stocks such as top mall operator SM Prime Holdings Inc, the most actively
traded, which gained 3.9 percent on strong trading volumes of 2.8 times the
monthly average. The Thai SET index closed at 1.332.92, its highest since
April, 1996. PTT, Thailand's biggest energy firm, led the gains by
Thailand-listed bluechips, rising 1.6 percent.
SM Prime Holdings and PTT were
among Macquarie's selective picks in the region, the broker said in its
equities research note. Macquarie said selective opportunities existed in
sectors such as energy for Indonesia and Thailand. "With a generally
enticing macro-economic backdrop supporting long-term economic growth in ASEAN,
we seek to discover where the more attractive opportunities lie at present
given unfavourable investment characteristics," the broker said. "We
retain an underweight stance on ASEAN from a regional perspective, but admit
that a single brush stroke may not be optimal given the striking differences
between the countries and sectors.
Reuters
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