June 30, 2016 / 5:21 AM / 2 years ago

SE Asia Stocks-Philippine index hits more than 14-mth high; S'pore up nearly 2 pct

By Krishna V Kurup
    June 30 (Reuters) - Most Southeast Asian stocks rose on
Thursday, in line with Asian peers and tracking an overnight
rally on Wall Street, as markets shrugged off the impact of
Britain's stunning vote to leave the European Union.
    Expectations that major central banks will ease monetary
policy in the wake of Brexit have buoyed risk assets globally. 
    The Dow Jones industrial average rose 1.64 percent,
while the S&P 500 gained 1.7 percent and the Nasdaq
Composite climbed 1.86 percent. 
    Britain's FTSE rallied for the second day, letting
the London benchmark retrace all of its losses right after the
Brexit vote.
    Asian shares climbed, with the MSCI's index of Asia-Pacific
shares outside Japan up 1.5 percent at 0432 GMT.
    The Philippine index rose 2.3 percent to hit its
highest since April 2015, with sentiment boosted after Rodrigo
Duterte's inauguration as president on Thursday. 
    Financial stocks led the gainers, with SM Prime Holdings Inc
 and Ayala Land Inc up 4.1 percent and 4.9
percent, respectively.
    "Local market is seen to extend its gains following the
recovery from overnight markets amid post-Brexit sell-off," SB
Equities said in a note. 
    "Volume is expected to remain strong on window-dressing with
the end of the 2nd quarter," coupled with positive sentiments
"on the success of inauguration of president-elect Rodrigo
Duterte," it added.
    Singapore stocks rose 1.8 percent, helped by consumer
service providers. The index posted its biggest intra-day
percentage gain since Oct. 2011.
    United Overseas Bank rose 2.3 percent after the
city-state's number 3 lender suspended its loans programme for
London properties in the wake of Brexit uncertainties.
    Indonesian shares were up nearly 1 pct, with
consumer cyclicals and basic materials leading the gainers.
    "Expect JCI (Jakarta Composite Index) to remain positive
today on further tax amnesty excitement," Jakarta-based Trimegah
Securities said in a note.
    "Short-term investors are likely to take profit ahead of
Lebaran holiday." 
    The Indonesian stock market will be closed from July 4 to 
July 8 for end-of-Ramadan celebrations.
    Indonesia's parliament approved an amnesty bill on Tuesday
that would allow low payment rates for taxpayers who declared
untaxed wealth. 
    Indonesia's central bank governor on Tuesday said the tax
amnesty programme will help boost the country's economic growth
rate to around 5.2-5.3 percent this year. 
    Thai stocks however fell slightly, led by utilities
and financials.
For Asian Companies click;  

  STOCK MARKETS                                           
  Change at 0432 GMT                                      
  Market              Current       Prev close   Pct Move
  Singapore           2841.22       2792.73      1.74
  Bangkok             1440.93       1442.66      -0.12
  Manila              7974.54       7798.53      2.26
  Jakarta             5024.466      4980.105     0.89
  Kuala Lumpur        1652.16       1642.21      0.61
  Ho Chi Minh         634.76        630.12       0.74
  Change on year                                 
  Market              Current       End 2015     Pct Move
  Singapore           2841.22       2882.73      -1.44
  Bangkok             1440.93       1288.02      11.87
  Manila              7974.54       6952.08      14.71
  Jakarta             5024.466      4593.008     9.39
  Kuala Lumpur        1652.16       1692.51      -2.38
  Ho Chi Minh         634.76        579.03       9.62

 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju
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