SE Asia Stocks-Philippine index hits more than 14-mth high; S'pore up nearly 2 pct
By Krishna V Kurup June 30 (Reuters) - Most Southeast Asian stocks rose on Thursday, in line with Asian peers and tracking an overnight rally on Wall Street, as markets shrugged off the impact of Britain's stunning vote to leave the European Union. Expectations that major central banks will ease monetary policy in the wake of Brexit have buoyed risk assets globally. The Dow Jones industrial average rose 1.64 percent, while the S&P 500 gained 1.7 percent and the Nasdaq Composite climbed 1.86 percent. Britain's FTSE rallied for the second day, letting the London benchmark retrace all of its losses right after the Brexit vote. Asian shares climbed, with the MSCI's index of Asia-Pacific shares outside Japan up 1.5 percent at 0432 GMT. The Philippine index rose 2.3 percent to hit its highest since April 2015, with sentiment boosted after Rodrigo Duterte's inauguration as president on Thursday. Financial stocks led the gainers, with SM Prime Holdings Inc and Ayala Land Inc up 4.1 percent and 4.9 percent, respectively. "Local market is seen to extend its gains following the recovery from overnight markets amid post-Brexit sell-off," SB Equities said in a note. "Volume is expected to remain strong on window-dressing with the end of the 2nd quarter," coupled with positive sentiments "on the success of inauguration of president-elect Rodrigo Duterte," it added. Singapore stocks rose 1.8 percent, helped by consumer service providers. The index posted its biggest intra-day percentage gain since Oct. 2011. United Overseas Bank rose 2.3 percent after the city-state's number 3 lender suspended its loans programme for London properties in the wake of Brexit uncertainties. Indonesian shares were up nearly 1 pct, with consumer cyclicals and basic materials leading the gainers. "Expect JCI (Jakarta Composite Index) to remain positive today on further tax amnesty excitement," Jakarta-based Trimegah Securities said in a note. "Short-term investors are likely to take profit ahead of Lebaran holiday." The Indonesian stock market will be closed from July 4 to July 8 for end-of-Ramadan celebrations. Indonesia's parliament approved an amnesty bill on Tuesday that would allow low payment rates for taxpayers who declared untaxed wealth. Indonesia's central bank governor on Tuesday said the tax amnesty programme will help boost the country's economic growth rate to around 5.2-5.3 percent this year. Thai stocks however fell slightly, led by utilities and financials. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0432 GMT Market Current Prev close Pct Move Singapore 2841.22 2792.73 1.74 Bangkok 1440.93 1442.66 -0.12 Manila 7974.54 7798.53 2.26 Jakarta 5024.466 4980.105 0.89 Kuala Lumpur 1652.16 1642.21 0.61 Ho Chi Minh 634.76 630.12 0.74 Change on year Market Current End 2015 Pct Move Singapore 2841.22 2882.73 -1.44 Bangkok 1440.93 1288.02 11.87 Manila 7974.54 6952.08 14.71 Jakarta 5024.466 4593.008 9.39 Kuala Lumpur 1652.16 1692.51 -2.38 Ho Chi Minh 634.76 579.03 9.62 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)
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