By Susan Mathew
April 26 Southeast Asian stock markets gained
momentum in afternoon trade on Wednesday, driven by positive
sentiment in global markets on receding political uncertainty in
France, strong Wall Street earnings and anticipated tax cuts by
U.S. President Donald Trump.
Wall Street ended higher on Tuesday with the Nasdaq
Composite hitting a record high, underpinned by strong
earnings, while the euro retained previous gains as immediate
political concerns regarding the French presidential elections
MSCI's broadest index of Asia-Pacific shares outside Japan
rose as much as 0.55 percent to its highest
since June 2015 and was last up 0.3 percent, heading for a fifth
straight session of gains.
Indonesian shares gained the most in the region,
closing 0.8 percent higher, after having hit fresh highs at
Healthcare stock Mitra Keluarga Karyasehat gained
6.9 percent and Bank Central Asia rose 3.5 percent.
An Index of Indonesia's 45 most liquid stocks
gained more than 1 percent, rising for the third straight
Investors shrugged of data that showed that foreign direct
investment into Indonesia grew at its weakest pace in at least
five years in the first quarter on slowing government
deregulation efforts, risking investment growth.
Philippine shares came off early losses to close 0.3
percent higher, buoyed by net foreign buying.
Singapore shares rose 0.3 percent with Genting
Singapore gaining 3.7 percent and DBS Group Holdings
climbing 0.6 percent.
Singapore's industrial production rose faster than expected
in March from a year earlier, due to a continued surge in the
electronics sector, data showed on Wednesday, pointing to a
possible upward revision in the city-state's first-quarter GDP.
Thai shares rose 0.3 percent, snapping two sessions
of falls, while Malaysian stocks climbed 0.2 percent in
their fourth straight session of gains, posting their highest
close since May 2015.
Vietnam ended 0.4 percent higher, snapping four
consecutive sessions of losses.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
Market Current Previous Close Pct Move
Singapore 3173.76 3163.93 0.31
Bangkok 1567.47 1562.27 0.33
Manila 7726.45 7700.46 0.34
Jakarta 5726.53 5680.796 0.81
Kuala Lumpur 1768.92 1765.8 0.18
Ho Chi Minh 710.04 707.58 0.35
Change on year
Market Current End 2016 Pct Move
Singapore 3173.76 2880.76 10.17
Bangkok 1567.47 1542.94 1.59
Manila 7726.45 6840.64 12.9
Jakarta 5726.53 5296.711 8.11
Kuala Lumpur 1768.92 1641.73 7.75
Ho Chi Minh 710.04 664.87 6.8
(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu