SE Asia Stocks-Indonesia hits over 4-wk high on rupiah surge
By Anusha Ravindranath Sept 27 (Reuters) - Indonesian stocks recouped early losses to hit their highest in more than four weeks on Tuesday after the rupiah surged to a 17-month peak on likely inflows from a tax amnesty programme. The Indonesian currency hits its highest level since April 2015 on suspected inflows into the first phase of the country's tax amnesty programme, where participants will be charged with the lowest fee and which ends on Sept. 30. Risk appetite also improved after investors judged U.S. Democrat presidential runner Hillary Clinton the winner of the first debate with Republican opponent Donald Trump. In signs that investors awarded the debate to Clinton, Asian shares recovered from an early bout of nerves, while most regional currencies strengthened including the Philippine peso, which rebounded after hitting a 7-year low early in the day. Basic materials and energy stocks led gains in Indonesia with Vale Indonesia Tbk PT and J Resources Asia Pasifik Tbk PT among the best performers. "Trump is not very foreign-friendly," said Harry Su, an analyst with Jakarta-based Bahana Securities. A win for Hillary would benefit Southeast Asian countries, particularly Indonesia because "we are basically Islamic-based," he added. Trump is seen as negative for emerging Asian countries as he is perceived to be more protectionist on international trade, vowing to renegotiate some trade agreements. Singapore shares closed higher with blue-chips such as Singapore Airlines and Singapore Telecommunications Ltd among the top gainers. Philippine stocks fell for the third straight session, dragged down by consumer non-cyclicals and financial stocks. JG Summit Holdings Inc and BDO Unibank Inc were among the top losers. Vietnam stocks closed up over 1 percent, driven by gains in financials and energy sector. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2860.23 2849.94 0.36 Bangkok 1489.39 1490.14 -0.05 Manila 7557.34 7632.46 -0.98 Jakarta 5419.604 5352.139 1.26 Kuala Lumpur 1664.72 1669.5 -0.29 Ho Chi Minh 684.89 677.04 1.16 Change so far this year Market Current End prev yr Pct Move Singapore 2860.23 2882.73 -0.78 Bangkok 1492.35 1288.02 15.86 Manila 7557.34 6952.08 8.71 Jakarta 5419.604 4593.008 18.00 Kuala Lumpur 1664.72 1692.51 -1.64 Ho Chi Minh 684.89 579.03 18.28 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Sunil Nair)
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