BANGKOK, Aug 14: The Philippine benchmark index gained on Wednesday after strong earnings attracted buyers to large and midcaps such as Robinsons Land Corp, while interest-sensitive stocks helped Indonesia’s key index gain.
The Philippine index was up 0.6 percent, adding on a 2.3 percent gain over the previous two sessions, with shares in Robinsons Land Corp up almost 6 percent after it posted strong quarterly results. (http://link.Reuters.Com/qag42v)
Jakarta’s Composite Index rose 0.5 percent, hovering around its highest in nearly three weeks, with financial and property shares up ahead of the central bank’s review of interest rates on Thursday.
‘Rate-sensitive shares are already punished and reflected expectations that Bank Indonesia won’t increase the benchmark rate tomorrow,’ said John Teja, director of broker Ciptadana Securities in Jakarta.
‘In the short term, further rate hike is still necessary if the threat of fund outflows and rupiah weakness remain.’
Vietnam’s VN Index edged up 0.15 percent, driven by a rally in blue chips in the energy and food sectors.
Stocks in Singapore, Malaysia and Thailand pared earlier gains to fall as worries about a tapering of the stimulus programme in the United States weighed on broader Asia. (AGENCIES)
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