By Susan Mathew
April 25 Most Southeast Asian shares rose on
Tuesday with Indonesia hitting a record high as regional markets
joined a relief rally in global stocks after a centrist victory
in the first round of the French presidential election saw
renewed appetite for risky assets.
Global stocks started off the week with gains after Emmanuel
Macron, who is anti-Frexit, won the first round of the French
election on Sunday, while safe-haven assets including the yen
and gold remained under pressure.
"Asian markets appear to be still lingering in the glow of
relief after the French election. The jubilance in markets
overnight has also added to the optimism," said Jingyi Pan,
market strategist at IG in Singapore.
Indonesia opened at an all-time high, but pared
gains to trade marginally lower while Philippine shares
gained the most in the region, touching their highest level in
six months with consumer and utility stocks driving the index.
An index of Indonesia's 45 most liquid stocks was
down 0.2 percent.
However, investors are keeping a close watch on key global
events for fresh cues that could determine the near-term trend.
"For Asian markets, event risks lie ahead, though the
imminent event in the form of President Donald Trump's tax
announcement provides an upside bias for markets," Pan added.
U.S. President Donald Trump's tax reform announcement on
Wednesday will be keenly watched as he is expected to cut
corporate income tax rate to 15 percent from 35 percent.
Further, North Korea's possible launch of missiles to mark
the 85th Anniversary of the Korean People's Army on 25th April,
may continue to weigh.
Malaysian stocks climbed to their highest in two
years with retail banking company AMMB Holdings, up as
much as 3.5 percent, and property investor PPB Group,
up 1.8 percent, leading the gains.
"With the ringgit at an attractive level, foreign funds are
slowly putting Malaysia back into their radar," said Danny Wong,
chief executive officer of Areca Capital.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0511 GMT
Market Current Previous Close Pct Move
Singapore 3161.32 3144.03 0.55
Bangkok 1563.15 1564.66 -0.10
Manila 7696.38 7588.88 1.42
Jakarta 5660.407 5664.475 -0.07
Kuala Lumpur 1759.33 1756.05 0.19
Ho Chi Minh 709.42 709.39 0.00
Change on year
Market Current End 2016 Pct Move
Singapore 3161.32 2880.76 9.74
Bangkok 1563.15 1542.94 1.31
Manila 7696.38 6840.64 12.5
Jakarta 5660.407 5296.711 6.87
Kuala Lumpur 1759.33 1641.73 7.16
Ho Chi Minh 709.42 664.87 6.7
(Reporting by Susan Mathew in Bengaluru, additional reporting
by Nichola Saminather and Liz Lee; Editing by Vyas Mohan)