SE Asia Stocks-Most gain after Wall Street rally
July 12 (Reuters) - Most Southeast Asian stock markets were higher on Tuesday, in line with Asian peers, enjoying spillover gains from Wall Street's record high aided by upbeat U.S. jobs data and expectations of stimulus from global policy makers. The S&P 500 ended at a new high after touching its highest of 2,143.16. It overtook the previous highs touched in May 2015, after Friday's massive job figures reduced worries about a slowdown in employment. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent to its highest since April. Investors will also keep a close eye on the Bank of Japan as Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending after a crushing election victory. "Markets seem to be bullish about more stimulus coming from Japan. The yen is very strong, which could be detrimental to the economy. The central bank should be doing something to stabilise the yen," said a Singapore-based analyst who did not want to be named. A visit by former Federal Reserve Chairman Ben Bernanke to the Bank of Japan fuelled talk BOJ Governor Haruhiko Kuroda might decide to provide "helicopter money" - a term coined by economist Milton Friedman and cited by Bernanke, as a way to finance government budgets and fight deflation. Bernanke plans to meet Abe on Tuesday. The Bank of England meets on Thursday and might cut its 0.5 percent interest rate to offset the economic drag from Britain's European Union exit. Indonesia extended gains to a more than 1-year high, driven by financial and telecom stocks. Bank Central Asia Tbk PT and Bank Rakyat Indonesia (Persero) Tbk PT added 2.2 percent and 1.3 percent respectively. The Philippine index saw a third session of rise, with financial stocks accounting for more than half the gains. Metropolitan Bank and Trust Co was among the biggest gainers with a 1.2 percent rise. Singapore's Straits Times index posted paltry gains, while Malaysia and Vietnam lost 0.3 percent each. For Asian Companies, click SOUTHEAST ASIAN STOCK MARKETS: STOCK MARKETS Change at 0435 GMT Market Current Previous Pct Move Close Singapore 2881.62 2876.14 0.19 Bangkok 1469.86 1468.39 0.10 Manila 7894.87 7865.27 0.38 Jakarta 5113.85 5069.019 0.88 Kuala Lumpur 1648.83 1653.87 -0.30 Ho Chi Minh 650.25 652.26 -0.31 Change so far this year Market Current End prev Pct Move yr Singapore 2881.62 2882.73 -0.04 Bangkok 1469.86 1288.02 14.12 Manila 7894.87 6952.08 13.56 Jakarta 5113.85 4593.008 11.34 Kuala Lumpur 1648.83 1692.51 -2.58 Ho Chi Minh 650.25 579.03 12.30 (Reporting by Rushil Dutta; Editing by xxxx)
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