SE Asia Stocks-Mostly up; Tax stimulus boosts Indonesian stocks
JAKARTA, Dec 7 (Reuters) - Southeast Asian stock markets were mostly trading higher on Monday tracking gains in Asia, with the Indonesian index set for its best day in a week following a government tax stimulus. Singapore's stock index was 0.8 percent higher, while Malaysian stocks rose 0.4 percent, rebounding from a 0.9 percent loss last week. Asian share markets rose on Monday after Wall Street welcomed an upbeat U.S. jobs report that suggested the world's biggest economy was well placed to handle an expected first increase in interest rates in almost a decade. Jakarta's composite index rose 0.8 percent, set for its biggest gain in a week after the Indonesian government said it is offering another tax break for employers in labour-intensive sectors, in its latest stimulus measure to boost the economy. The move should "give some short-term positive momentum" to companies like cigarette maker PT Gudang Garam Tbk and bread maker PT Nippon Indosari Corpindo Tbk, broker Trimegah Securities said in a note. Shares of Gudang Garam rose 1.3 percent, while Nippon Indosari climbed 1.2 percent. The Thai stock market is closed for a public holiday and will reopen on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on 0526 GMT Market Current Prev Close Pct Move Singapore 2902.92 2879.05 +0.83 Kuala Lumpur 1674.35 1667.87 +0.39 Bangkok -- 1333.57 -- Jakarta 4546.54 4508.45 +0.84 Manila 6939.64 6921.93 +0.26 Ho Chi Minh 567.71 571.62 -0.68 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)
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