SE Asia Stocks-Indonesia hits 1-1/2-year high; Thailand up over 1 pct
By Anusha Ravindranath Oct 4 (Reuters) - Southeast Asian stock markets closed higher on Tuesday with Indonesia surging to its highest in nearly one-and-a-half year, while Thai shares rose more than 1 percent to hit a near four-week high. The Jakarta Composite Index climbed for a second straight session, boosted by gains in energy and consumer stocks. "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. A report from the Strait Times said Indonesia's tax amnesty scheme achieved 90 percent of its 4,000 trillion rupiah ($308.05 billion) target in just three months. bit.ly/2cP9s8L Mining company Aneka Tambang (Persero) Tbk PT jumped more than 3 percent after Indonesian government said it was finalising an overhaul of its mining rules that could reopen exports of nickel ore which was banned since 2014. Thai stocks were buoyed by gains in financials and consumer non-cyclical stocks. Kasikornbank Pcl rose more than 3 percent while Siam Commercial Bank Pcl moved 1.7 percent higher. Philippine shares rallied to its highest in more than one week, supported by consumer cyclicals and utilities, as investors shrugged off President Rodrigo Duterte's latest rhetoric against the United States. Duterte has angrily rejected U.S. concerns over the bloody war on drugs he has launched since coming to office in June. His frequent tirades have thrown into question one of Washington's most important alliances in Asia. "I think markets are not taking him really seriously..." said Mikey Macainag, an analyst with Manila-based Sunsecurities referring to Duterte's actions. Investors have shown concern in recent days over Duterte's foreign policies after the Philippine peso in September posted its steepest monthly drop in 16 years. Vietnam shares snapped a two-day losing streak, while Singapore stocks rose for a second straight day as consumer goods and services stocks gained footing. Malaysian shares clocked their biggest intraday percentage gain in two-and-a-half months. Blue chips IHH Healthcare Bhd and Genting Malaysia Bhd were among the top gainers on the index. For Asian Companies click SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2884.64 2870.84 0.48 Bangkok 1509.78 1490.94 1.26 Manila 7719.24 7719.24 0.54 Jakarta 5472.317 5463.915 0.15 Kuala Lumpur 1661.25 1652.55 0.53 Ho Chi Minh 684.2 683.05 0.17 Change so far this year Market Current End prev yr Pct Move Singapore 2884.64 2882.73 0.07 Bangkok 1509.78 1288.02 17.22 Manila 7719.24 6952.08 11.03 Jakarta 5472.317 4593.008 19.14 Kuala Lumpur 1661.25 1692.51 -1.85 Ho Chi Minh 684.2 579.03 18.16 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Amrutha Gayathri)
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