Southeast Asian markets: Philippines up; Vietnam drops

Philippine shares snapped five straight sessions of declines on Tuesday, driven by real estate and financial stocks, while Vietnam fell the most in nearly four months. The Philippine Stock Exchange PSEI Index closed 0.8 percent higher with market heavyweights SM Prime Holdings Inc climbing 2.1 percent and Ayala Land gaining 1.8 percent.
But the gains may be temporary, according to Joseph Roxas, president at Manila-based Eagle Equities. "I think in the next few days, we should try to test the lows again," he said.
Meanwhile, data showed inflation cooled for the first time in five months to 3.3 percent in November amid concerns of the economy overheating. The central bank governor said annual inflation is on track to meet the bank's forecast of 3.2 percent for the year.
He had said last month that the economy was not at the risk of overheating, and with slowing inflation, pressure may ease on the central bank to raise interest rates next year. Vietnam shares dropped 1.7 percent, dragged down by losses in Vingroup JSC and Vietnam Dairy Products JSC. Vingroup closed 4 percent lower, while Vietnam Dairy fell about 2 percent. Among other markets, Malaysia rose the most in more than a month with a gain of 0.7 percent.
Hong Leong Bank was the biggest boost with a jump of 11.1 percent to a record close. Singapore shares gave up early gains to close marginally lower with City Developments shedding close to 3 percent and CapitaLand declining 1.7 percent. A survey released late on Monday showed that factory activities rose for a 13th consecutive month in November to their highest in eight years. The Thai stock market was closed for a national holiday.