July 13, 2016 / 4:06 AM / 2 years ago

SE Asia Stocks-Buoyed on prospects of U.S. growth; Philippines hits 1-yr high

By Shashwat Pradhan
    July 13 (Reuters) - Southeast Asian stock markets rallied on
Wednesday as prospects of solid U.S. growth and further monetary
stimulus in major markets whetted investors' risk appetite.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose as much as 0.4 percent to 427.83, just
below its year-to-date high of 428.22 hit on April 21.
    Robust jobs data from the U.S. last week has bolstered views
that the U.S. economy is on a sound footing despite a slow start
to the year. 
    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
    "There is quite a bit of optimism about policy stimulus in
the pipeline. They are looking at BOJ prepping to do more. They
are expecting the BOE (Bank of England) to do something
tomorrow. So there is an entire lineup of monetary and fiscal
policy stimulus," said Vishnu Varathan, a senior economist with
Mizuho Corporate Bank in Singapore.
    Philippine shares extended gains for a fourth
straight session, hitting a more-than-1-year high, while Vietnam
 climbed more than 2 percent to its highest in more than 8
    The rallies were aided by a court ruling that there was no
legal basis for China to claim historic rights to resources
within much of the South China Sea, which has been subject to
territorial disputes by several countries, including the
Philippines and Vietnam. 
    "If the Philippines chooses to do some kind of a bilateral
deal with China, they have got more leverage. So it means a lot
of a China investments going into Philippines," Varathan added.
    In other markets, Indonesia rose for a third
straight session to its highest in more than a year, driven by
telecom and energy stocks which accounted for nearly half of the
    Singapore edged higher as declines in the telecom
sector were partially offset by gains from financial stocks.
For Asian Companies click;  

 STOCK MARKETS                                      
 Change 0358 GMT                                    
 Market                   Current   previous close  Pct Move
 Singapore                2904.26   2901.82         0.08
 Bangkok                  1478.29   1474.92         0.23
 Manila                   7977.7    7937.95         0.50
 Jakarta                  5116.238  5099.533        0.33
 Kuala Lumpur             1653.61   1653.97         -0.02
 Ho Chi Minh              668.92    658.9           1.52
 Change so far this year                            
 Market                   Current   End prev yr     Pct Move
 Singapore                2904.26   2882.73         0.75
 Bangkok                  1478.29   1288.02         14.77
 Manila                   7977.7    6952.08         14.75
 Jakarta                  5116.238  4593.008        11.39
 Kuala Lumpur             1653.61   1692.51         -2.30
 Ho Chi Minh              673.41    579.03          16.30
 (Reporting by Shashwat Pradhan; Editing by Sunil Nair)
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