Manila at 11-month high; Jakarta edges up amid political uncertainty

(Reuters) - Philippine shares closed at their highest in 11 months on Tuesday, while Indonesia rose slightly amid political and economic uncertainty ahead of the presidential polls.

Half of the South-east Asian markets were closed for a holiday.

The Philippine index rose 0.6 per cent to its highest close since June 10, 2013, while the Jakarta Composite Index edged up 0.2 per cent after touching its highest intraday level since June 7.

Investors were cautious ahead of the Indonesian presidential polls scheduled on July 9, said John Teja, director of Jakarta-based broker Ciptadana Securities.

"I think there's a lot of uncertainty as parties negotiate to form coalitions for president and vice-president this week,"Teja said in an emailed statement.

Weak real GDP growth and adjustment to energy prices are an overhang on the inflation outlook. Foreigners are staying on the sidelines and may bring short-term market correction, Teja said.

In Manila, shares of Bloomberry Resorts Corp gained 1.9 per cent after Philippine property developer Ayala Land Inc said it had partnered with Bloomberry to operate a mall at the latter's US$1.2 billion (S$1.5 billion) Solaire complex, Manila's newest gaming hub, to be opened later this year.

Globe Telecom, the Philippines' second biggest telecommunications firm, rose 0.8 per cent after its net profit more than quadrupled in the March quarter.

However, stocks in Vietnam fell with the benchmark VN Index closing at a four-month low.

Stock markets in Thailand, Malaysia, and Singapore were closed for a holiday on Tuesday.