Philippine shares outperform other SE Asia markets


Philippine President Rodrigo Duterte delivers a speech at the Philippine Stock Exchange in Makati City on July 11, 2017. Philippine shares rose for a third straight session on Monday. (Reuters photo)

Philippine shares rose for a third straight session on Monday and outperformed other Southeast Asian markets, while Indonesian stocks reversed early gains to close lower following disappointing gross domestic product data.

Indonesia's GDP grew more slowly than expected in the second quarter as private consumption remained lethargic, adding to signs that Southeast Asia's largest economy is stuck in a low gear and may need more stimulus.

"Weaker-than-expected second-quarter growth in Indonesia increases expectation that Bank Indonesia (BI) may resume rate cut," UOB Group said in a note.

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