By Susan Mathew
April 26 Most Southeast Asian stock markets rose
on Wednesday, tracking a relief rally in global markets after
the first round of the French presidential election and optimism
surrounding an expected U.S. tax reform announcement later in
Indonesian stocks rose as much as 0.45 percent to a
fresh high, led by energy and financials, before paring gains to
trade marginally higher. United Tractors rose 4.9
percent while Bank Mandiri climbed 2.6 percent.
An index of Indonesia's 45 most liquid stocks was
up marginally for the fourth straight day.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.4 percent.
U.S. President Donald Trump is proposing to slash the
corporate income tax rate and offer multinational businesses a
steep tax break on overseas profits brought into the United
States, officials said late on Tuesday.
Singapore shares were 0.3 percent higher with Jardine
Cycle & Carriage Ltd gaining 0.7 percent and DBS Group
Holdings Ltd adding 0.5 percent.
The city-state's industrial production in March, due later
on Wednesday, is expected to have risen from the year earlier to
7.1 percent, a Reuters poll showed.
"Any sign of moderation (in industrial production) on a
sequential basis could signal a flattening out in the upward
trend for manufacturing seen over the past nine months," DBS
Group Research said in a note.
"The outcome for March industrial production will have
implication on the final GDP figure for 1Q17. Any outcome beyond
the (expected) level will likely bring about an upward
Philippine shares eased from six-month highs touched
in the previous session and were marginally lower as investors
took profit after a four-day rally.
"There is some profit-taking after the strong performance.
They (Philippine markets) rallied over the past few days after
the favourable outcome of the French elections," said April
Lee-Tan, head of research at COL Financial Group.
PLDT Inc declined one percent while Aboitiz Equity
Ventures Inc shed 1.9 percent.
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SOUTHEAST ASIAN STOCK Markets: change AT 0429 GMT
Market Current Previous Close Pct Move
Singapore 3172.89 3163.93 0.28
Bangkok 1563.44 1562.27 0.07
Manila 7685.17 7700.46 -0.20
Jakarta 5686.865 5680.796 0.11
Kuala Lumpur 1768.9 1765.8 0.18
Ho Chi Minh 709.85 707.58 0.32
Change on year
Market Current End 2016 Pct Move
Singapore 3172.89 2880.76 10.14
Bangkok 1563.44 1542.94 1.33
Manila 7685.17 6840.64 12.3
Jakarta 5686.865 5296.711 7.37
Kuala Lumpur 1768.9 1641.73 7.75
Ho Chi Minh 709.85 664.87 6.8
(Reporting by Susan Mathew in Bengaluru; Editing by Vyas Mohan)