SE Asia Stocks-Upbeat; Indonesia hits 1-1/2 year high
By Anusha Ravindranath Oct 4 (Reuters) - Southeast Asian stock markets were upbeat on Tuesday with Indonesia climbing to its highest in nearly one-and-a-half year, while Malaysia clocked its biggest intraday percentage gain in two-and-a-half months. The Jakarta Composite Index rose for a second straight session, boosted by gains in basic materials and energy shares. "Recent developments on the domestic side have been very positive, given that we have had an encouraging tax amnesty progress and strong capital inflows," said Taye Shim, an analyst with Jakarta-based Daewoo Securities, adding that Standard and Poor's might upgrade its rating for Indonesia. "The key ingredient for a possible rating upgrade could be better government spending and declining deficit situation due to the encouraging progress of tax collection." S&P had warned on Monday that emerging markets are likely to see more sovereign downgrades than upgrades for the next year or two. A report from the Strait Times said Indonesia's tax amnesty scheme achieved 90 per cent of its 4,000 trillion rupiah ($308.05 billion) target in just three months. Asian shares also pushed higher, with investor sentiment buoyed by an overnight rally in crude prices, while an upbeat U.S. manufacturing survey eased concerns about the health of the world's largest economy. Malaysian shares jumped to their highest since Sept. 30, led by gains in healthcare, consumer cyclical and energy stocks. Vietnam shares were higher after two straight sessions of falls, while Singapore rose for a second consecutive day as consumer goods and industrial stocks gained ground. Data from a private survey showed late on Monday that activity at Singapore's factories expanded in September for the first time in 15 months as new orders rose. Thai stocks touched their highest in more than one week, supported by gains in consumer non-cyclical and energy sectors, while Philippine stocks posted a second straight session of gains. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 525 GMT Market Current previous Pct Move close Singapore 2876.26 2870.84 0.19 Bangkok 1498.24 1490.94 0.49 Manila 7369.68 7687.71 0.13 Jakarta 5465.035 5463.915 0.02 Kuala Lumpur 1663.7 1652.55 0.67 Ho Chi Minh 687.61 683.05 0.67 Change so far this year Market Current End prev yr Pct Move Singapore 2876.26 2882.73 -0.22 Bangkok 1498.24 1288.02 16.32 Manila 7369.68 6952.08 6.01 Jakarta 5465.035 4593.008 18.99 Kuala Lumpur 1663.7 1692.51 -1.70 Ho Chi Minh 687.61 579.03 18.75 ($1 = 12,985.0000 rupiah) (Reporting by Anusha Ravindranath in Bengaluru; Editing by Subhranshu Sahu)
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