February 25, 2018, 5:56 am
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PSEi rebounds

Singapore shares edged higher on Tuesday, led by gains in top lenders, while the Philippines rebounded, on track to snap a five-session losing streak.

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

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

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

The main index maintained its gains, closing at 8145.00, an increase of 60.55 points.

The Philippine central bank 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 central bank to raise interest rates next year. 

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

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

“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 percent and 1.6 percent, respectively.

Indonesian stocks firmed 0.1 percent as financials and consumer discretionary stocks rose.

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

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

Thai stock market was closed on account of a national holiday. – Reuters 
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