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SE Asia Stocks-Macron win brings cheer; Indonesia hits record high
May 8, 2017 / 4:41 AM / 7 months ago

SE Asia Stocks-Macron win brings cheer; Indonesia hits record high

    By Hanna Paul
    May 8 (Reuters) - Most Southeast Asian stock markets rose on
Monday as investors breathed a sigh of relief after Emmanuel
Macron won the French presidential election, while
better-than-expected Indonesian economic growth lifted the
market to a record high.
    Macron was elected French President on Sunday, washing the
global markets and particularly European allies with relief, as
the independent centrist favours keeping the country in the
European Union.
    The win also averts another populist upheaval to follow
Britain's move to quit the EU.
    Wall Street which rose on Friday after the rebound in U.S.
job growth data is expected to extend gains with S&P 500
expected to push into record territory when trading reopens.

    "The strength in the emerging market comes from the
combination of the French elections as well as the U.S. jobs
data," said Taye Shim, head of research at Jakarta-based Mirae
Asset Sekuritas.
    "Stronger-than-expected growth in Indonesia is clear
evidence that emerging markets are doing very well than the
developed markets." 
    Asia's refined fuel consumption is poised to grow 2.1
percent annually through 2021 against a global average of 1.4
percent, BMI Research analysts wrote, with the bulk of growth
occurring in emerging markets including Indonesia, Thailand,
Malaysia, Vietnam and the Philippines.
    Jakarta SE Composite Index gained as much as 0.8
percent, after Indonesia's central bank reported
better-than-expected annual growth of 5.01 percent in Jan-March
on Friday. 
    Financials led gains in Indonesia, with PT Bank Mitraniaga
Tbk rising over 34 percent as the top gainer on the
    Philippine shares advanced as much as one percent to
its highest in 8 months, with industrials dominating gains on
the benchmark.
    Conglomerate SM Investments, the top gainer, rose
over 5 percent to hit an all-time high, followed by Security
Bank Corp  up over 2 percent.
    Malaysia rose as much as 0.2 percent, with financial
stocks including Maybank Banking Bhd and RHB Bank
, both up nearly a percent, leading gains. 
    "Emerging markets are benefiting the most from the global
economy recovering cycle. The market will be on cruise control
unless any signs of derailment such as geopolitical risks
arising from the euro zone," said Shim.  
    Singapore fell slightly, while trading was choppy in
  Market           Current      Previous     Pct Move
  Singapore        3227.12      3229.73      -0.08
  Bangkok          1570.97      1569.02      0.12
  Manila           7910.75      7841.99      0.88
  Jakarta          5725.773     5683.37      0.75
  Kuala Lumpur     1765.52      1762.74      0.16
  Ho Chi Minh      718.76       720          0.17
  Change on year                             
  Market           Current      End 2016     Pct Move
  Singapore        3228.48      2880.76      12.07
  Bangkok          1569.87      1542.94      1.75
  Manila           7910.75      6840.64      15.6
  Jakarta          5719.9       5296.711     7.99
  Kuala Lumpur     1765.36      1641.73      7.53
  Ho Chi Minh      720.11       664.87       8.3
 (Reporting by Hanna Paul; Editing by Amrutha Gayathri)

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