SE Asia Stocks-Higher on Wall Street rally, stimulus hopes
By Rushil Dutta July 12 (Reuters) - Southeast Asian stocks closed higher on Tuesday, in line with Asian peers, as risk appetite improved after an overnight rally on Wall Street and as a new round of monetary easing from Japan raised expectations of more stimulus from global policy makers. The U.S. benchmark S&P 500 stock index set record intraday and closing highs on Monday as last week's strong monthly U.S. jobs report worked its way into financial markets. In Japan, Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending after a crushing election victory over the weekend as evidence mounted the corporate sector is floundering due to weak demand. "Markets seem to be bullish about more stimulus coming from Japan," said a Singapore-based analyst who did not want to be named. While Abe did not give details on the size of the package, it is widely expected to reach 10 trillion yen ($97.5 billion). Separately, the Bank of England meets on Thursday, and Governor Mark Carney has already signalled that the BoE will cut rates below their already record low levels over the summer and possibly resume its 375 billion-pound bond-buying programme. Indonesia extended gains to a more than 1-year high, driven by financial stocks. Bank Central Asia and Bank Danamon Tbk gained 1.9 percent each. Bank Mandiri (Persero) Tbk PT finished about 5 percent higher. Bank Central Asia and Bank Danamon are expected to be among lenders named by Indonesia's government to manage funds repatriated due to a tax amnesty that is expected to attract billions of dollars in assets. The Philippine index rose for a third session, with financial stocks accounting for more than half the gains. The Philippines' central bank governor said its monetary policy stance remains appropriate, citing ample liquidity in the market and manageable inflation. Metropolitan Bank and Trust Co finished 3.3 percent higher. Singapore's Straits Times Index gained 0.9 percent, Malaysia was flat, while Vietnam recovered in late trading to close higher. Asian shares rose, with MSCI's broadest index of Asia-Pacific shares outside Japan climbing 0.9 percent to its highest since late April. For Asian Companies, click SOUTHEAST ASIAN STOCK MARKETS: STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2901.82 2876.14 0.89 Bangkok 1474.92 1468.39 0.44 Manila 7937.95 7865.27 0.92 Jakarta 5099.533 5069.019 0.60 Kuala Lumpur 1653.97 1653.87 0.01 Ho Chi Minh 658.9 652.26 1.02 Change on year Market Current End 2015 Pct Move Singapore 2901.82 2882.73 0.66 Bangkok 1474.92 1288.02 14.51 Manila 7937.95 6952.08 14.18 Jakarta 5099.533 4593.008 11.03 Kuala Lumpur 1653.97 1692.51 -2.28 Ho Chi Minh 658.9 579.03 13.79 (Additional reporting by Shashwat Pradhan; Editing by Biju Dwarakanath)
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