SE Asia Stocks-Bounce as Brexit impact wanes; Indonesia leads

miércoles 29 de junio de 2016 00:58 GYT

By Shashwat Pradhan
    June 29 (Reuters) - Southeast Asian stock markets rallied on
Wednesday as the immediate impact of Britain's vote to leave the
European Union began to wane and investors wagered central banks
would have to ride to the rescue with additional stimulus
    Aiding sentiment was data showing the U.S. economy grew at a
1.1 percent annualised rate in the first quarter, rather than
the 0.8 percent pace reported last month. 
    The impact of Brexit on the markets will be temporary, with
the broader southeast Asian markets taking cues from global
markets following the solid U.S. economic data, said analyst
Arief Budiman of Ciptadana in Jakarta.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 1 percent to recoup around a third of
Friday's loss.
    Any bounce was welcome, given global equity markets shed $3
trillion in value in the two days following Britain's shock
vote, according to S&P Dow Jones Indices.
    Indonesian shares extended gains for a third
straight session, climbing 1.5 percent to a nearly one-year
high. The rally was aided by passage of the tax amnesty bill
that is expected to create inflow of repatriated funds.
    "We are not waiting for Godot ... (The impact of the bill
could include) lower bond yield, which means potential higher
market valuation and lower funding cost," said analyst Isnaputra
Iskandar of Maybank Kim Eng Securities in a note.
    Indonesia's central bank governor expects the bill will help
boost the country's economic growth rate to around 5.2-5.3
percent this year, from 4.8 percent last year. 
    Singapore index extended gains and rose more than 1
percent with financial stocks such as DBS Group Holdings Ltd
 leading the rally.
    Philippine stocks recovered from Tuesday's fall and
were up nearly 1 percent after the Department of Finance said
the government had a budget surplus of 55 billion pesos ($1.17
billion) in April, exceeding the surplus posted in the same
month last year by about 5 percent. 
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 STOCK MARKETS                                      
 Change 0448 GMT                                    
 Market                   Current   previous close  Pct Move
 Singapore                2786.19   2756.53         1.08
 Bangkok                  1446.95   1437.42         0.66
 Manila                   7729.62   7666.69         0.82
 Jakarta                  4950.402  4882.171        1.40
 Kuala Lumpur             1640.85   1634.04         0.42
 Ho Chi Minh              628.9     622.2           1.08
 Change so far this year                            
 Market                   Current   End prev yr     Pct Move
 Singapore                2786.19   2882.73         -3.35
 Bangkok                  1446.95   1288.02         12.34
 Manila                   7729.62   6952.08         11.18
 Jakarta                  4950.402  4593.008        7.78
 Kuala Lumpur             1640.85   1692.51         -3.05
 Ho Chi Minh              628.9     579.03          8.61
 ($1 = 46.9750 Philippine pesos)

 (Reporting by Shashwat Pradhan; Editing by Gopakumar Warrier)