June 7, 2017 / 5:07 AM / a year ago

SE Asia Stocks-Higher as investors look past UK elections

    By Chris Thomas
    June 7 (Reuters) - Southeast Asian stock markets, except
Malaysia, were up on Wednesday as investors priced in chances of
a victory for the ruling party in Britain's parliamentary
elections and a rate increase by the U.S. Federal Reserve next
    British Prime Minister Theresa May looks on course to
increase her parliamentary majority in Thursday's election, an
opinion poll showed on Tuesday. 
    Separately, a Reuters poll showed last week that Wall
Street's top banks believe that the Fed will raise U.S interest
    Asian stocks meanwhile inched higher, but investors remained
noticeably risk averse ahead of several major political and
economic events later this week.    
    "I think investors have already priced in that Theresa May
is going to win the general election" and rates will be raised
at next week's Federal Reserve meeting, said Victor Felix, an
equity analyst with Manila-based AB Capital Securities. 
    Philippine stocks led regional markets higher, rising
as much as 0.8 percent as industrial and real estate stocks
    Ayala Land jumped as much as 3 percent to its
highest in nearly 10 months, while SM Investment Corp
gained 2.4 percent.  
    "We (the Philippine market) have been rallying on the back
of news that the tax-reform program might be passed sooner than
expected," said Felix, referring to a much-anticipated tax
reform bill that now requires Senate approval.
    Foreign investors have been net buyers of equities for
nearly a month-and-a-half and that has also been pushing the
markets higher, Felix said.
    Indonesia climbed as much as 0.5 percent, its
biggest gain in one week, with Bank Central Asia and
Bank Rakyat Indonesia rising more than 1.4 percent
    Singapore shares hit their highest in more than three
weeks, boosted by financials and consumer stocks. 
    United Overseas Bank rose as much as 1.3 percent,
while Genting Singapore added 1.7 percent.
    Malaysia was down marginally after three sessions of
For Asian Companies click;  

  Market          Current      previous close  Pct Move
  Singapore       3242.99      3235.75         0.22
  Bangkok         1570.57      1568.95         0.10
  Manila          8011.49      7953.12         0.73
  Jakarta         5729.476     5707.831        0.38
  Kuala Lumpur    1789.24      1791.01         -0.10
  Ho Chi Minh     754.28       751.31          0.40
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3242.99      2880.76         12.57
  Bangkok         1570.57      1542.94         1.79
  Manila          8011.49      6840.64         17.12
  Jakarta         5729.476     5296.711        8.17
  Kuala Lumpur    1789.24      1641.73         8.99
  Ho Chi Minh     754.28       664.87          13.45

 (Reporting by Chris Thomas; Editing by Biju Dwarakanath)
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