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SE Asia Stocks-Philippines, Indonesia mark new closing highs
October 4, 2017 / 10:17 AM / 2 months ago

SE Asia Stocks-Philippines, Indonesia mark new closing highs

    By Sumeet Gaikwad
    Oct 4 (Reuters) - Philippine and Indonesian shares posted
record closing highs on Wednesday as overnight gains on Wall
Street buoyed sentiment across Asia, while Thailand edged down
after scaling a 24-year peak.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose as much as 0.3 percent.
    Philippine stocks extended gains to a fourth session,
led by financial and telecom stocks, as expectations of a tax
overhaul continued to boost investor optimism. 
    The proposed tax reform measures will only have a modest
inflationary impact and will not need a monetary policy
response, said Nestor Espenilla the central bank governor, who
also brushed off a sharp decline in the peso currency in an
upbeat message on the economy.
    The tax measures seek to expand the value-added tax base,
raise excise taxes on fuel and automobiles, and slap levies on
sugar-sweetened beverages among other changes. They were
approved by the lower house of Congress in May, but have yet to
be endorsed by the Senate.
    Blue-chip BDO Unibank Inc rose 2.1 percent to close
an all-time high while telecom service provider PLDT Inc
 closed 2.4 percent higher.
    Indonesia's benchmark index closed 0.2 percent
higher, extending gains from the previous session, helped by
energy and material stocks.
    Healthcare products maker Kalbe Farma Tbk climbed
nearly 3 percent while shares of mining contractor United
Tractors rose as much as 3.8 percent to hit an
all-time high and were on track for their fifth straight session
of gains.
    An index of the country's 45 most liquid stocks
rose 0.2 percent.
    Vietnam stock market climbed nearly 1 percent, its
biggest gain in over 2 months, led by financial stocks. 
    Malaysian stock market ended marginally up, helped
by telecom and consumer discretionary stocks. Genting Bhd
 added nearly 1 percent, while CIMB Group Holdings Bhd
 closed 0.8 percent up.    
    Meanwhile, Thai shares erased early gains to end
marginally lower, dragged by industrials. Airports of Thailand
Inc slipped 1.3 percent, while oil and gas explorer PTT
Exploration and Production Pcl ended 1.4 percent
lower.
    Singapore shares shed 0.3 percent, weighed by
financial and industrial stocks.
    Market heavyweight Jardine Matheson Holdings Ltd
slid 1.5 percent while United Overseas Bank Ltd fell
0.6 percent.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
        
  Change on day                                        
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3236.65       3246.08      -0.29
  Bangkok          1687.77       1689.97      -0.13
  Manila           8344.05       8312.93      0.37
  Jakarta          5951.475      5939.453     0.20
  Kuala Lumpur     1761.84       1759.67      0.12
  Ho Chi Minh      805.66        798          0.96
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3236.65       2880.76      12.35
  Bangkok          1687.77       1542.94      9.39
  Manila           8344.05       6840.64      21.98
  Jakarta          5951.475      5296.711     12.36
  Kuala Lumpur     1761.84       1641.73      7.32
  Ho Chi Minh      805.66        664.87       21.18
 
 (Reporting by Sumeet Gaikwad; Editing by Amrutha Gayathri)
  

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