By Chris Thomas
June 7 Philippine shares rose on
Wednesday, led by industrial and real estate stocks, as
investors were confident that a tax reform bill critical to
President Rodrigo Duterte's economic programme would soon get
The lower house of Congress passed the much-anticipated tax
reform bill last week, aimed at generating revenue to fund a
multi-billion dollar infrastructure programme key to the
government's economic agenda.
The bill should widen the tax base and boost revenue, Fitch
Ratings said in a statement on Wednesday.
"We (the Philippine market) have been rallying on the back
of news that the tax-reform programme might be passed sooner
than expected," said Victor Felix, an equity analyst with
Manila-based AB Capital Securities.
Among the key stocks that gained, SM Investment Corp
rose as much as 3.7 percent to a record high, while Ayala Land
climbed 3.1 percent to close at its highest in nearly
Foreign investors have been net buyers of equities for
nearly a month and a half and that has also been pushing the
market higher, Felix added.
Other Southeast Asian markets were mixed, with investors
cautious ahead of key political and economic events including UK
elections and the European Central Bank's policy meeting.
Indonesian shares pared early gains to close 0.2
percent higher, with Bank Central Asia gaining 1.4
percent and Bank Rakyat Indonesia rising 1.7 percent.
Vietnam shares extended gains into a third session,
posting their highest close in more than nine years, with
financials leading the rise.
Military Commercial Joint-Stock Bank hit an
all-time high, while Vietinbank jumped to its highest
in nearly 11 months.
Both Singapore and Thailand fell nearly 0.2
percent due to last-minute selling, while Malaysia
closed 0.3 percent lower, snapping three sessions of gains.
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Previous Close Pct Move
Singapore 3230.49 3235.75 -0.16
Bangkok 1566.58 1568.95 -0.15
Manila 8002.32 7953.12 0.62
Jakarta 5717.325 5707.831 0.17
Kuala Lumpur 1785.92 1791.01 -0.28
Ho Chi Minh 753.46 751.31 0.29
Change on year
Market Current End 2016 Pct Move
Singapore 3230.49 2880.76 12.14
Bangkok 1566.58 1542.94 1.53
Manila 8002.32 6840.64 16.98
Jakarta 5717.325 5296.711 7.94
Kuala Lumpur 1785.92 1641.73 8.78
Ho Chi Minh 753.46 664.87 13.32
(Reporting by Chris Thomas; Editing by Subhranshu Sahu)