By Christina Martin
March 2 Most 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
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.
"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 1 trillion dollars in infrastructure,"
said Rakpong Chaisuparakul, strategist at KGI Securities
"I think this sent a positive message to the global equity
markets that the U.S. economy has an upside this year."
Singapore shares rose 0.4 percent, helped by
industrials and financials.
Jardine Matheson Holdings Ltd rose 2.3 percent to
its highest close since March 9, 2015, while DBS Group
added 1.1 percent.
Philippine shares closed 0.9 percent higher, with
financials and industrials leading the gains.
Ayala Corp and JG Summit were the top two
Malaysian shares climbed 1.1 percent to their
highest close since April 22, 2016, led by financials.
Malayan Banking Bhd rose 1.5 percent, while CIMB
Group Holdings Bhd climbed 2.2 percent to its highest
close since August 2015.
Malaysia's central bank held its key interest rate at 3.00
percent as expected, on optimism that the economy is recovering
after a year of tepid growth.
"I think the decision to maintain the OPR is largely within
expectation of ours as well as the general market. The strong
gains that we are seeing in the local market today is probably
due to yesterday's good performance in the American markets,"
said Lim Sei Wai, an analyst at AmResearch Sdn. Bhd.
Indonesia rose as much as 1.3 percent to a
three-month high before closing 0.8 percent higher, led by
consumer discretionary and energy stocks.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Previous Close Pct Move
Singapore 3136.48 3122.77 0.44
Bangkok 1569.94 1567.19 0.18
Manila 7234.94 7170.7 0.90
Jakarta 5408.254 5363.056 0.84
Kuala Lumpur 1715.67 1697.69 1.06
Ho Chi Minh 707.51 709.52 -0.28
Change on year
Market Current End 2016 Pct Move
Singapore 3136.48 2880.76 8.88
Bangkok 1569.94 1542.94 1.75
Manila 7234.94 6840.64 5.76
Jakarta 5408.254 5296.711 2.11
Kuala Lumpur 1715.67 1641.73 4.50
Ho Chi Minh 707.51 664.87 6.41
(Reporting by Christina Martin; Editing by Subhranshu Sahu)