Southeast Asian markets: Manila shares outperform after Moody's upgrade

Some Southeast Asian stock markets climbed on Wednesday, with consumer sector shares extending gains as investors looked for defensive stocks against global volatility, while a rise in crude palm oil prices spurred buying in palm plantation shares.
In general, investors remained cautious about building up emerging stock market positions. Most markets reported light trading volume, with Indonesia seeing just 0.7 times its 30-day average.
Bank of America Merrill Lynch was cautious on ASEAN, or Southeast Asian, equities over the next six months, saying economic growth was slowing and the end of US quantitative easing could "normalise" or reverse liquidity flow into the region. Within the region, the broker preferred Malaysia and Singapore and said to avoid Thailand, citing domestic political concerns.
Philippine shares outperformed on Wednesday. The market climbed 1.5 percent, reversing a four-session losing streak after Moody's Investor Services raised its credit rating, citing fiscal discipline and a strong external position.
Others in the region posted limited gains, with Singapore, Thailand and Vietnam drifting lower, erasing early gains. Singapore's benchmark Straits Times Index ended down 0.08 percent at 3,054.82 after a choppy session.
In Bangkok, political risk pulled the index down after an early rise. The Thai market, Southeast Asia's second-worst performer this month after Singapore, has suffered $652 million in outflows this month, albeit with a net $48 million flowing back in on Tuesday and Wednesday. Indonesia's main vehicle distributor and biggest listed firm, Astra International, rose 2.9 percent, adding to a 1.7 percent gain the previous session.