SE Asia Stocks-Firmer; Indonesia outperforms on palm oil shares
Oct 21 (Reuters) - Southeast Asian stock markets gained on Wednesday with Indonesia outperforming the region aided by a rise in palm oil shares after it cut output estimates for next year. Some investors awaited clues from the European Central Bank's policy meeting scheduled later in the week, while the slow pace of growth in Japan's exports due to weakness in China dented investor sentiment. Indonesia's Jakarta Composite Index was up 1 percent at 0643 GMT and traded at its highest level since Aug. 11. The index got a boost as a rise in crude palm oil prices to 2-week highs sent shares of plantation firms soaring. PT Astra Agro Lestari and PT London Sumatra Indonesia Tbk rose 5.8 percent and 7.4 percent respectively. Indonesia, the world's top palm oil producer, cut its output estimates for 2016, as the El Nino dry weather pattern offsets higher yields from maturing trees. Thai shares were steady, but financials were firmer led by Bangkok Bank PCL, which was up 0.6 percent, a day after it posted a 5.4 percent fall in net profit. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0643 GMT Market Current Prev Close Pct Move Singapore 3020.87 3024.50 +0.06 Kuala Lumpur 1718.68 1705.03 +0.21 Bangkok 1418.59 1418.63 0.00 Jakarta 4630.78 4585.82 +0.98 Manila 7095.59 7060.85 +0.49 Ho Chi Minh 592.61 590.45 +0.37 (Reporting by Shihar Aneez in COLOMBO and Fransiska Nangoy in JAKARTA; Editing by Sunil Nair)
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