SE Asia Stocks-Rise on upbeat U.S. jobs data; Indonesia at over 1-yr high
By Rushil Dutta July 11 (Reuters) - Southeast Asian stock markets rose on Monday, in line with Asian shares, as upbeat U.S. jobs data mitigated concerns about the health of the world's largest economy. Indonesian stocks led the gains, climbing to their highest since June 2015. The U.S. economy added 287,000 jobs last month, the highest total in eight months, smashing the consensus forecast of 175,000. "A stronger jobs report more or less eschews heightened concerns about the U.S. economy coming to a screeching halt," said Vishnu Varathan, a senior economist with Mizuho Corporate Bank in Singapore. "There is therefore a common understanding that the Fed will not rush into rate hikes and will watch quite a few data sets." The Jakarta Composite Index gained 2.1 percent, led by telecoms and consumer staples. "After a long Eid holiday, the JCI is expected to trade moderately higher today, following positive sentiment from both the United States and Japan," said Dang Maulida, an analyst with Jakarta-based Daewoo Securities. "The JCI is expected to trade within 4,950-5,010 today." Telekomunikasi Indonesia and cigarette manufacturer Gudang Garam were among the biggest gainers, rising 5.8 percent and 6.6 percent, respectively. Philippine shares were 1.1 percent higher, led by property developers and consumer cyclicals. SM Prime Holdings and Ayala Land gained 1.6 percent and 2.2 percent, respectively. Singapore's Straits Times index rose to its highest in over two months, with consumer services and financials leading the gains. Thailand and Malaysia gained 0.9 percent and 0.6 percent respectively, while Vietnam remained flat. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9 percent to a one-month top. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0353 GMT Market Current Previous Pct Move Close Singapore 2873.33 2847.04 0.92 Bangkok 1468.71 1455.65 0.90 Manila 7856.07 7771.52 1.09 Jakarta 5069.322 4971.581 1.97 Kuala Lumpur 1654.36 1644.54 0.60 Ho Chi Minh 658.54 658.68 -0.02 Change on year Market Current End 2015 Pct Move Singapore 2873.33 2882.73 -0.33 Bangkok 1468.71 1288.02 14.03 Manila 7856.07 6952.08 13.00 Jakarta 5069.322 4593.008 10.37 Kuala Lumpur 1654.36 1692.51 -2.25 Ho Chi Minh 658.54 579.03 13.73 (Reporting by Rushil Dutta; Editing by Subhranshu Sahu)
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