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SE Asia Stocks-Indonesia hits record high; Singapore drops 1 pct
November 2, 2017 / 4:37 AM / in a month

SE Asia Stocks-Indonesia hits record high; Singapore drops 1 pct

    By Devika Syamnath
    Nov 2 (Reuters) - Indonesian shares scaled an all-time high
on Thursday, driven by  gains in telecom and financial stocks,
while Singapore fell 1 percent with financials and industrials
leading the decline.
    Indonesia's Jakarta IDX Composite Index rose as much
as 0.6 percent to a record high of 6,081.87, extending gains
into a third session.
    An index of the 45 most liquid stocks in Indonesia
followed suit, rising as much as 1.6 percent to a record high of
1,011.911. 
    Telkom Indonesia jumped as much as 4 percent,
while Bank Central Asia, the nation's largest bank by
market value, climbed up to 1.4 percent to a record high.
    "Global developments are largely in line with expectations,
so there were no surprises to scare investors away from emerging
markets," said Taye Shim, head of research at Jakarta-based
Mirae Asset Sekuritas.
    Asian shares touched 10-year highs after the U.S. Federal
Reserve expressed optimism about the economy, virtually
cementing the case for a year-end rate hike as investors awaited
the formal nomination of the next head of the central bank.

    President Donald Trump plans to nominate Fed Governor Jerome
Powell, who is seen as more dovish on interest rates, as the
next chair of the U.S. central bank, a source familiar with the
matter said on Wednesday. 
    With Powell as frontrunner for the Fed chair, he's likely to
continue Janet Yellen's dovish stance and that's also comforting
the market, Shim said.
    Philippine shares rose as much as 1.7 percent after
two days of holidays. Financials and industrials were among the
top gainers with lender BDO Unibank surging up to 4.4
percent and SM Investments climbing as much as 2.4
percent.
    Meanwhile, Singapore shares were down for a third
session in four, dragged by financials and industrials.
    Oversea-Chinese Banking Corp declined 1.8 percent,
while Sembcorp Industries fell 1.5 percent.    
    Thai shares dropped as much as 0.5 percent, weighed
down by financial and telecom stocks. 
    Telecom services provider Total Access Communication
 fell 5.9 percent, while Kasikornbank
dropped 1.3 percent. 
    Vietnam shares jumped as much 0.8 percent, driven by
gains in financials and consumer staples, before reversing
course to trade marginally lower. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0421 GMT 
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3365.75       3391.61      -0.76
  Bangkok          1713.07       1714.55      -0.09
  Manila           8506.59       8365.26      1.69
  Jakarta          6081.47       6038.146     0.72
  Kuala Lumpur     1740.25       1743.93      -0.21
 Ho Chi Minh       841.86        842.71       -0.10
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3365.75       2880.76      16.84
  Bangkok          1713.07       1542.94      11.03
  Manila           8506.59       6840.64      24.35
  Jakarta          6081.47       5296.711     14.82
  Kuala Lumpur     1740.25       1641.73      6.00
  Ho Chi Minh      841.86        664.87       26.62
 

 (Reporting by Devika Syamnath; Editing by Subhranshu Sahu)
  

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