January 24, 2017 / 10:08 AM / a year ago

SE Asia Stocks-Hold on to gains; Singapore hits 14-mth closing high

By Shashwat Pradhan
    Jan 24 (Reuters) - Most Southeast Asian stock markets ended
firmer on Tuesday, holding on to gains earlier in the day, as
investors weighed the possible effects of the United States
withdrawing from the Trans-Pacific Partnership (TPP) trade deal.
    Fulfilling a campaign pledge, U.S. President Donald Trump  
signed an executive order pulling the United States out of the
12-nation TPP, distancing it from Asian allies, even as China's
influence in the region rises. 
    "Everybody is still trying to digest the actual effects of
the withdrawal," said Theodore Tan, an analyst with AP
    Trump, who wants to boost U.S. manufacturing, said he would
like to cut corporate taxes, but warned American manufacturers
of penalties if they moved production outside the
    "Of course, Trump wants to sound good to the American people
on his first day and it has always been his stance to 'put
America first', but it won't be that easy to penalise companies
for building outside America," Tan added.
    Singapore rose 0.5 percent, closing at a 14-month
high, with financials accounting for more than half of the
    The financial sector was boosted by the city state's biggest
lender by market-cap, DBS Group Holdings, which
climbed 1.7 percent to end at a 17-month high.
    Singapore's industrial production in December is expected to
have risen on an annual basis, a Reuters poll
    In other markets, Vietnam rose 0.6 percent to hit a
near nine-year closing high, driven by gains in financials and
    Oil and gas refiner PetroVietnam Gas jumped as much
as 3.3 percent, its biggest intra-day percentage gain in more
than a month.
    Indonesia closed 0.8 percent higher, with financials
and telecom stocks leading.
    The country's largest telecommunications firm, PT
Telekomunikasi Indonesia, led the gains on the
benchmark, advancing 1.8 percent.
    Philippines ended slightly lower after closing at a
near three-month high on Monday. Conglomerate Ayala Land
 was the biggest drag on the benchmark, sliding as much
as 3.3 percent.
For Asian Companies click;  

  Change on day                                        
  Market           Current       Previous     Pct Move
  Singapore        3041.95       3025.48      0.54
  Bangkok          1578.82       1570.79      0.51
  Manila           7370.65       7374.35      -0.05
  Jakarta          5292.088      5250.968     0.78
  Kuala Lumpur     1680.69       1671.31      0.56
 Ho Chi Minh       691.36        687.15       0.61
  Change this                                 
  Market           Current       End 2016     Pct Move
  Singapore        3041.95       2880.76      5.60
  Bangkok          1578.82       1542.94      2.33
  Manila           7370.65       6840.64      7.75
  Jakarta          5292.088      5296.711     -0.09
  Kuala Lumpur     1680.69       1641.73      2.37
 Ho Chi Minh       691.36        664.87       3.98

 (Reporting by Shashwat Pradhan; Additional reporting by
Aparajita Saxena; ; Editing by Biju Dwarakanath)
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