October 4, 2016 / 10:27 AM / 2 years ago

SE Asia Stocks-Indonesia hits 1-1/2-year high; Thailand up over 1 pct

By Anusha Ravindranath
    Oct 4 (Reuters) - Southeast Asian stock markets closed
higher on Tuesday with Indonesia surging to its highest in
nearly one-and-a-half year, while Thai shares rose more than 1
percent to hit a near four-week high.
    The Jakarta Composite Index climbed for a second
straight session, boosted by gains in energy and consumer
    "Recent developments on the domestic side have been very
positive, given that we have had an encouraging tax amnesty
progress and strong capital inflows," said Taye Shim, an analyst
with Jakarta-based Daewoo Securities.
    A report from the Strait Times said Indonesia's tax amnesty
scheme achieved 90 percent of its 4,000 trillion rupiah ($308.05
billion) target in just three months. bit.ly/2cP9s8L
    Mining company Aneka Tambang (Persero) Tbk PT 
jumped more than 3 percent after Indonesian government said it
was finalising an overhaul of its mining rules that could reopen
exports of nickel ore which was banned since 2014. 
    Thai stocks were buoyed by gains in financials and
consumer non-cyclical stocks. Kasikornbank Pcl rose
more than 3 percent while Siam Commercial Bank Pcl 
moved 1.7 percent higher.
    Philippine shares rallied to its highest in more than
one week, supported by consumer cyclicals and utilities, as
investors shrugged off President Rodrigo Duterte's latest
rhetoric against the United States.
    Duterte has angrily rejected U.S. concerns over the bloody
war on drugs he has launched since coming to office in June. His
frequent tirades have thrown into question one of Washington's
most important alliances in Asia. 
    "I think markets are not taking him really seriously..."
said Mikey Macainag, an analyst with Manila-based Sunsecurities
referring to Duterte's actions. 
    Investors have shown concern in recent days over Duterte's
foreign policies after the Philippine peso in September posted
its steepest monthly drop in 16 years. 
    Vietnam shares snapped a two-day losing streak, while
Singapore stocks rose for a second straight day as
consumer goods and services stocks gained footing.
    Malaysian shares clocked their biggest intraday
percentage gain in two-and-a-half months. Blue chips IHH
Healthcare Bhd and Genting Malaysia Bhd were
among the top gainers on the index.
For Asian Companies click  

 Change on the                                                 
  Market           Current       previous     Pct Move         
  Singapore        2884.64       2870.84      0.48             
  Bangkok          1509.78       1490.94      1.26             
  Manila           7719.24       7719.24      0.54             
  Jakarta          5472.317      5463.915     0.15             
  Kuala Lumpur     1661.25       1652.55      0.53             
  Ho Chi Minh      684.2         683.05       0.17             
 Change so far                                                 
 this year                                               
  Market           Current       End prev yr  Pct Move         
  Singapore        2884.64       2882.73      0.07       
  Bangkok          1509.78       1288.02      17.22            
  Manila           7719.24       6952.08      11.03            
  Jakarta          5472.317      4593.008     19.14            
  Kuala Lumpur     1661.25       1692.51      -1.85            
  Ho Chi Minh      684.2         579.03       18.16            

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Amrutha Gayathri)
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