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SE Asia Stocks-Indonesia sets record; S'pore, Philippines buoyant
November 17, 2017 / 5:01 AM / a month ago

SE Asia Stocks-Indonesia sets record; S'pore, Philippines buoyant

    By Karthika Suresh Namboothiri
    Nov 17 (Reuters) - Most Southeast Asian stock markets soared
on Friday, with Indonesia setting a record a day after its
central bank held key policy rate unchanged, while Singapore and
the Philippines posted strong gains on the back of upbeat
regional economic data.
    Asian shares also drew support from Wall Street, which rose
sharply overnight after a broad package of tax cuts sought by
President Donald Trump passed its first hurdle.
    "There was a positive handover from the U.S. markets. The
U.S. House of Representatives passed the tax reform bill. So
that is one hurdle down," said Joel Ng, an analyst from
Singapore-based KGI Securities.
    Indonesian shares rose as much as 0.8 percent, with
the index of the 45 most liquid stocks surging 1.1
percent to a record high.
    Indonesia's central bank on Thursday kept its key policy
rate unchanged, as expected and in line with a goal of
maintaining financial stability at a time the market anticipates
a U.S. interest rate hike next month.
    Singapore shares climbed as much as 1.1 percent in
their biggest intraday gain since Oct. 2, and were on track to
snap five sessions of losses.
    The city-state's non-oil domestic exports in October rose at
a much stronger pace than expected as both electronics and
non-electronic sectors expanded, data showed, underpinning the
market sentiment.
   "I think the past two days were mainly due to profit-taking
going to the year-end. So, it was the fundamentals from
Singapore that gave a more optimistic outlook for equities,"
said Joel Ng.    
    Financials boosted the index, with lender DBS Group Holdings
 up as much as 1.6 percent, and Oversea-Chinese Banking
Corp climbing 1.7 percent.
    Malaysian stocks edged 0.2 percent higher, after
five consecutive sessions of declines, as investors cheered data
that showed the economy expanded 6.2 percent annually in the
third quarter, recording its highest quarterly growth in more
than three years.
    Lender CIMB Group Holdings inched 1.4 percent
higher, while conglomerate Genting Berhad was up 1.4
percent.
    The Philippine index climbed more than 1 percent, owing to
gains in real estate and industrial stocks.
    Property developer SM Prime Holdings was up 2
percent, while Ayala Land jumped 2.2 percent. 
    Meanwhile, Vietnam inched down 0.1 percent, trimming
earlier gains that lifted the index to a fresh near-decade high.
    
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0453 GMT
    
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3371.75       3341.3       0.91
  Bangkok          1702.92       1691.25      0.69
  Manila           8305.86       8206.44      1.21
  Jakarta          6077.927      6037.907     0.66
  Kuala Lumpur     1721.95       1718.11      0.22
  Ho Chi Minh      891.63        892.8        -0.13
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3371.75       2880.76      17.04
  Bangkok          1702.92       1542.94      10.37
  Manila           8305.86       6840.64      21.42
  Jakarta          6077.927      5296.711     14.75
  Kuala Lumpur     1721.95       1641.73      4.89
  Ho Chi Minh      891.63        664.87       34.11
 
 (Reporting by Karthika Namboothiri in Bengaluru; Editing by
Amrutha Gayathri)
  

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