SE Asia Stocks-Upbeat U.S. jobs data fuels risk appetite; Indonesia up 2 pct
By Rushil Dutta July 11 (Reuters) - Most Southeast Asian stocks closed higher on Monday, in line with Asian peers, as upbeat U.S. jobs data eased concerns over the health of the world's largest economy, with Indonesia hitting a 13-month high and Philippines up more than 1 percent. The U.S. employment report on Friday, which showed the economy added 287,000 jobs last month, was more than forecast and acted as an immediate impetus for investors starting the week with a greater appetite for risk. "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. "For the rest of the week, markets are going to be on toes ahead of the Bank of England meeting." The Bank of England meets on Thursday and might cut its 0.5 percent interest rate to offset the economic drag from Britain's vote to leave the European Union. "The main bet is whether the BOE is going to ease this week or August when they release their updated inflation forecast. We think they'd move ahead of time than wait and watch," Varathan said. The Jakarta Composite Index gained 2 percent, led by financials and consumer staples, closing at its highest since June 2015. Bank Central Asia Tbk PT and Bank Rakyat Indonesia (Persero) Tbk PT gained 2.1 percent and 5.6 percent, respectively. Philippine shares finished 1.2 percent higher, led by property developers and consumer cyclicals. SM Prime Holdings and Ayala Land gained 2.9 percent and 2.4 percent, respectively. "The local markets may re-test the psychological resistance level of 8,000 this week, with support continuing to stay at 7,600," Manila-based SB Securities said in a note. Singapore's Straits Times index closed at its highest in more than two months, with consumer services and financials leading the gainers. Thailand and Malaysia gained 0.9 percent and 0.6 percent, respectively. However, Vietnam closed 1 percent lower, dragged down by energy stocks. Asian shares rose, with MSCI's broadest index of Asia-Pacific shares outside Japan jumping 1.8 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2876.14 2847.04 1.02 Bangkok 1468.39 1455.65 0.88 Manila 7865.27 7771.52 1.21 Jakarta 5069.019 4971.581 1.96 Kuala Lumpur 1653.87 1644.54 0.57 Ho Chi Minh 652.26 658.68 -0.97 Change on year Market Current End 2015 Pct Move Singapore 2876.14 2882.73 -0.23 Bangkok 1468.39 1288.02 14.00 Manila 7865.27 6952.08 13.14 Jakarta 5069.019 4593.008 10.36 Kuala Lumpur 1653.87 1692.51 -2.28 Ho Chi Minh 652.26 579.03 12.65 (Reporting by Rushil Dutta; Editing by Biju Dwarakanath)
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