SE Asia Stocks-Stimulus prospects buoy markets; Vietnam up 2.5 pct

miércoles 13 de julio de 2016 06:18 GYT

By Shashwat Pradhan
    July 13 (Reuters) - Southeast Asian stocks rallied on
Wednesday in line with Asian peers as prospects of solid U.S.
growth and further monetary stimulus in major markets whetted
investor risk appetite, with the Vietnam index hitting its
highest in more than 8 years.
    "There is quite a bit of optimism about policy stimulus in
the pipeline. They are looking at BOJ (Bank of Japan) prepping
to do more. They are expecting the BOE (Bank of England) to do
something tomorrow," said Vishnu Varathan, a senior economist
with Mizuho Corporate Bank in Singapore.
    "So, there is an entire lineup of monetary and fiscal policy
    Markets are simmering with speculation that the BOJ will cut
its inflation forecasts and expand its already massive stimulus
programme at a July 28-29 rate review, as a hit to exports from
a strong yen and weak consumption has added to downward pressure
on the economy and prices. 
    Bank of England Governor Mark Carney said on Tuesday that a
hit to Britain's economy from the Brexit referendum could prompt
the Bank to act, hinting again that more stimulus is on the way.
The BOE is due to announce whether it has cut rates or taken
other action on Thursday. 
    Robust jobs data from the U.S. last week has also bolstered
views that the U.S. economy is on a sound footing despite a slow
start to the year. 
    Vietnam climbed 2.5 percent to its highest since Feb.
2008, with sentiment boosted after state oil group PetroVietnam
raised the country's 2016 crude oil output target to about 17
million tonnes, higher than previously expected. 
    Philippine shares extended gains for a fourth
straight session to close at a more-than 1-year high following a
positive ruling by an international arbitration court over its
claims in the South China Sea. 
    Indonesia also ended at a more than 1-year high,
driven by telecom and consumer stocks.
    Malaysia closed at more than 1-month high after its
central bank surprised markets by cutting the key interest rate
for the first time in seven years in a bid to keep the country
on a "steady growth path". 
    Asian shares rose, with the MSCI's broadest index of
Asia-Pacific shares outside Japan climbing as
much as 0.4 percent. 

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  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Previous     Pct Move
  Singapore        2910.65       2901.82      0.30
  Bangkok          1477.61       1474.92      0.18
  Manila           7944.02       7937.95      0.08
  Jakarta          5133.933      5099.533     0.67
  Kuala Lumpur     1660.39       1653.97      0.39
  Ho Chi Minh      675.12        658.9        2.46
  Change so far                               
 this year                                    
  Market           Current       End 2015     Pct Move
  Singapore        2910.65       2882.73      0.97
  Bangkok          1477.61       1288.02      14.72
  Manila           7944.02       6952.08      14.27
  Jakarta          5133.933      4593.008     11.78
  Kuala Lumpur     1660.39       1692.51      -1.90
  Ho Chi Minh      675.12        579.03       16.59

 (Reporting by Shashwat Pradhan; Editing by Biju Dwarakanath)