Philippine shares jumped 2.4% on Wednesday, the most in three months, while other Southeast Asian stock markets, including the Stock Exchange of Thailand, declined in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.
Philippine shares jumped 2.4% on Wednesday, the most in three months, while other Southeast Asian stock markets, including the Stock Exchange of Thailand, declined in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9% as of 2.52pm, with higher oil prices also weighing on the region's import-heavy economies.
Philippine shares gained 2.4% as investors sought to buy into a largely cheaper market ahead of the quarter-end. Industrial and real estate stocks led the gains.
"Apart from bargain-hunting, there is also the traditional window-dressing before the quarter-end, so that has inspired some buying appetite on select stocks," said Manny Cruz, an analyst with Asiasec Equities Inc.
Real estate company Ayala Land rose 2.7%, while industrial conglomerate SM Investments Corp closed 4.5% higher, making it the biggest boost to the benchmark index.
The SET index reversed the upside trend during the morning session to close at 1,618.66, down 5.32 points or 0.33%, in trade worth 52 billion baht.
Singapore shares declined for a fourth session in five and closed 0.8% lower, dragged by financials. Lender DBS Group shed 1.2%.
Industrial production, which is a main contributor to the city-state's exports, rose in May.
"However, looking ahead the growth trajectory may get more challenging – first due to the heightened US-Sino trade tensions which could impact regional manufacturing production chains if the list of tariffs continue to grow; second the electronics industry slowdown is becoming more apparent outside of semiconductors," OCBC said in a note.
Indonesian shares gave up early gains and closed lower, weighed down by energy and consumer discretionary stocks.
Coal miner Dian Swastatika Sentosa shed about 7%, while automobile wholesaler Astra International ended more than 4% lower.
The world's third-largest democracy and biggest Muslim-majority country had its regional polls under tight security during the day, with opinion polls suggesting current President Joko Widodo might see a second term.
