SE Asia Stocks-Philippines closes at 9-mth high; S'pore, Thailand fall
May 11 (Reuters) - Most Southeast Asian stocks ended higher on Wednesday, with Philippines closing at its highest since August as investors were optimistic president-elect Rodrigo Duterte would continue with pro-business economic policies that are good for markets. Duterte has yet to detail his economic agenda but has said he has no qualms about using some of Benigno Aquino's policies, which have focused on infrastructure and improved fiscal efficiency. It is not clear when Duterte's victory will be officially declared but he is expected to take office on June 30. The Philippine index closed about 3 percent higher, posting its biggest 2-day gain in nearly 3 years, led by financial and industrial stocks. The Jakarta Composite Index (JCI) closed 0.8 percent higher, its biggest daily gain in more than three weeks, led by consumer staples and financial stocks. "We expect JCI to trend up higher as Japanese yen continued to weaken and crude oil price rebounded," Taye Shim, analyst at KDB Daewoo Indonesia said in a note on Wednesday. Singapore closed down 0.3 percent, dragged lower by banking stocks. DBS Group Holdings Ltd fell 0.9 percent and United Overseas Bank Ltd fell 1 percent. The Thai SET Index fell 0.6 percent weighed down by financials, after rising slightly in early trade. CP All Public Company Ltd and Siam Commercial Bank lost more than 2 percent each. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, resuming the recent downtrend. The index has risen only one day in the last three weeks and on Tuesday it hit an eight-week low. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2732.87 2741.15 -0.30 Bangkok 1382.41 1390.13 -0.56 Manila 7396.52 7174.88 3.09 Jakarta 4799.964 4763.115 0.77 Kuala Lumpur 1644.58 1635.84 0.53 Ho Chi Minh 614.06 605.05 1.49 Change so far this year Market Current End prev yr Pct Move Singapore 2732.87 2882.73 -5.20 Bangkok 1382.41 1288.02 7.33 Manila 7396.52 6952.08 6.39 Jakarta 4799.964 4593.008 4.51 Kuala Lumpur 1644.58 1692.51 -2.83 Ho Chi Minh 614.06 579.03 6.05 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)
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