SE Asia Stocks -Up; Indonesia heads for best gain in 2 yrs on stimulus hopes
BANGKOK, Aug 27 (Reuters) - Southeast Asian stock markets rose on Thursday after U.S. and Chinese equities rebounded, with stocks in Indonesia rallying ahead of a government stimulus package and the Philippine index advancing after positive economic data. Jakarta's composite index jumped 3.28 percent, heading for its biggest single-day rise since September 2013. Foreign investors bought recently-battered large-caps such as Bank Rakyat Indonesia and Bank Negara Indonesia . Indonesia on Thursday will unveil a policy package intended to prop up the rupiah, which hit another fresh 17-year low, and boost investment at a time when Southeast Asia's largest economy faces its weakest growth in six years. The Philippines' main index was up 2.2 percent, a third day of gains this week. Data showed the Philippine economy rebounded with a growth of 5.6 percent in the second quarter, defying a regional slowdown. Much of the regional share slide this week was due to foreign outflows amid selloffs in Chinese stocks, stock exchange data showed. A sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, lifting Asian stocks on Thursday. The Thai SET index was up 1.9 percent, after a drop the day before. Consumer-related shares such as CP All and Kasikornbank outperformed on hopes about the government's economic measures. "Further institutional buying should be a major driver for SET Index, especially on the domestic plays which benefit from the stimulus packages, focused on low income earners," said broker KGI Securities in a report. Singapore was up 2 percent, after a weak spell on Wednesday. Malaysia and Vietnam were both on track for a third straight gain, climbing 1 percent and 1.6 percent, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0549 GMT Market Current Prev Close Pct Move Singapore 2928.99 2873.00 +1.95 Kuala Lumpur 1596.70 1580.37 +1.03 Bangkok 1345.30 1320.08 +1.91 Jakarta 4376.52 4237.73 +3.28 Manila 7019.63 6867.92 +2.21 Ho Chi Minh 554.82 545.89 +1.64 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.