June 29, 2016 / 10:32 AM / 2 years ago

SE Asia Stocks-Rally as Brexit impact fades; Jakarta near 1-yr high

By Shashwat Pradhan
    June 29 (Reuters) - Southeast Asian stock markets rallied on
Wednesday, in line with Asian peers, as the immediate impact of
Britain's vote to leave the European Union began to fade and
investors bet central banks would have to ride to the rescue
with more stimulus measures.
    Aiding sentiment was data showing the U.S. economy grew at a
1.1 percent annualised rate in the first quarter, rather than
the 0.8 percent pace reported last month. 
    The impact of Brexit on the markets will be temporary, with
the broader southeast Asian markets taking cues from global
markets following the solid U.S. economic data, said analyst
Arief Budiman of Ciptadana Securities in Jakarta.
    Any bounce was welcome, given global equity markets shed $3
trillion in value in the two sessions following Britain's shock
vote, according to S&P Dow Jones Indices.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 1 percent to recoup around one-third of
Friday's loss.
    Indonesian shares jumped 2 percent to their highest
since July 3, 2015, extending gains into a third session, aided
by the tax amnesty bill that is expected to create inflow of
repatriated funds. 
    "We are not waiting for Godot ... (The impact of the bill
could include) lower bond yield, which means potential higher
market valuation and lower funding cost," said analyst Isnaputra
Iskandar of Maybank Kim Eng Securities in a note.
    Indonesia's central bank governor expects the bill to help
boost the country's economic growth rate to around 5.2-5.3
percent this year, from 4.8 percent last year. 
    Philippine stocks bounced back from Tuesday's loss
and closed 1.7 percent higher, after the Finance Department said
the government budget surplus widened to 55 billion pesos ($1.17
billion) in April 
    Singapore shares ended up 1.3 percent, with financial
stocks such as DBS Group Holdings Ltd leading the
For Asian Companies click;  

  STOCK MARKETS                                        
  Change on the                                        
  Market           Current       previous     Pct Move
  Singapore        2792.73       2756.53      1.31
  Bangkok          1442.66       1437.42      0.36
  Manila           7798.53       7666.69      1.72
  Jakarta          4980.105      4882.171     2.01
  Kuala Lumpur     1642.21       1634.04      0.50
  Ho Chi Minh      630.12        622.2        1.27
  Change so far                               
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2792.73       2882.73      -3.12
  Bangkok          1442.66       1288.02      12.01
  Manila           7798.53       6952.08      12.18
  Jakarta          4980.105      4593.008     8.43
  Kuala Lumpur     1642.21       1692.51      -2.97
  Ho Chi Minh      630.12        579.03       8.82

 (Reporting by Shashwat Pradhan; Editing by Subhranshu Sahu)
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