US STOCKS SNAPSHOT-Tech, energy shares lift Wall Street
NEW YORK, June 23 Wall Street ended higher on Friday as gains in tech and energy stocks more than offset weakness in the financial sector, while a slide in Home Depot kept the Dow in check.
By Christina Martin March 2 Southeast Asian stock markets rose on Thursday, tracking Asian shares and Wall Street overnight, as investors took heart from U.S. President Donald Trump's pledge to invest heavily in infrastructure, cut corporate taxes and ease regulations. While Trump gave few new details on his tax or spending plans, investors were encouraged by what they saw as a measured tone in his first speech to Congress as he tries to push his growth agenda through a Congress reluctant to widen the government's budget deficit. On Wall Street, the Dow blasted through the 21,000 mark for the first time, and the three main stock indexes surged more than 1.3 percent to close at record highs. Shares were up in Asia on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.7 percent. "He did not touch on details but at least he covered all the points that markets wanted to hear; you know, his aim to cut tax, to invest up to one trillion dollars in infrastructure," said Rakpong Chaisuparakul, strategist at KGI Securities (Thailand). "I think this sent a positive message to the global equity markets that the U.S. economy has an upside this year. That's the reason to drive all Asia markets this morning." In Singapore, the FTSE Straits Times Index rose as much as 1.1 percent to hit an 18-month high, with financials and industrials leading the gains. DBS Group was among the top gainers, climbing nearly 2 percent. United Overseas Bank Ltd rose 0.7 percent, while Keppel Corp extended gains to hit a fresh 16-month high. The Philippines snapped four sessions of losses, edging 0.7 percent higher, helped by financial stocks. Ayala Corp and Metropolitan Bank were the top two performers. "The markets are expecting a rate hike this month in the United States, so we have been seeing a lot of outflow in recent days," said Anton Alfonso, research analyst at RCBC Securities in Manila. "But because of the surge on Wall Street last night and (since) we (Philippine stocks) have been beaten down for the past four sessions, we are just seeing a rebound today." Indonesia shares gained as much as 1.3 percent, outperforming other markets, with gains spread across all sectors. Malaysia shares rose 0.9 percent, boosted by financial and telecom stocks, with Malayan Banking Bhd hitting its highest in nine months and telecoms company Axiata Group Bhd up 2.4 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change at 0435 GMT Market Current Previous Close Pct Move Singapore 3136.64 3122.77 0.44 Bangkok 1569.87 1567.19 0.17 Manila 7218.72 7170.7 0.67 Jakarta 5427.61 5363.056 1.20 Kuala Lumpur 1712.22 1697.69 0.86 Ho Chi Minh 709.87 709.52 0.05 Change on year Market Current End 2016 Pct Move Singapore 3136.64 2880.76 8.88 Bangkok 1569.87 1542.94 1.75 Manila 7218.72 6840.64 5.53 Jakarta 5427.61 5296.711 2.47 Kuala Lumpur 1712.22 1641.73 4.29 Ho Chi Minh 709.87 664.87 6.77 (Reporting by Christina Martin; Editing by Biju Dwarakanath)
* Indexes: Dow down 0.05 pct, S&P up 0.13 pct, Nasdaq up 0.38 pct (Updates to late afternoon, adds commentary, changes byline)