February 10, 2017 / 5:12 AM / a year ago

SE Asia Stocks-Higher tracking Wall St rally on Trump tax-cut hopes

    By Christina Martin
    Feb 10 (Reuters) - Most Southeast Asian stock markets rose
on Friday, mirroring gains in Asian shares and on Wall Street
overnight after U.S. President Donald Trump said he would unveil
a major tax reform that would include tax cuts for businesses
and individuals.
    Asian shares rallied to an 18-month peak on upbeat Chinese
trade data and strong gains on Wall Street, while the three main
U.S. market indexes surged to new record highs after Trump
promised a "phenomenal" tax plan over the next two or three
    " promised something spectacular where a new tax
regime may come through, so the U.S. rallied strongly and that
trickled through to the Asian markets," said Nicholas Teo,
trading strategist at KGI Securities (Singapore) Pte Ltd.
    Singapore shares rose as much as 0.75 percent to hit
a more than 15-month high, outperforming other markets in the
    Financial stocks led the gains, with United Overseas Bank
 up 1.4 percent, DBS Group Holdings rising 1
percent and Oversea-Chinese Banking Corporation
inching up 0.3 percent.
    "The three big banks in Singapore which have the biggest
weightage share in the market have led the rally from as far
back as November," Teo said. "We have seen a few broker upgrades
for them and in the next two weeks we will see results from them
and the market is eagerly anticipating those numbers."
    Malaysian shares hit their highest in more than 9
months, boosted by financial stocks.
    CIMB Group Holdings rose to its highest in 18
months, while RHB Bank climbed as much as 2.8 percent.
    Indonesia was up 0.4 percent, with consumer staples
and financials leading the gains.
    PT Eagle High Plantations rose 9 percent, while PT
Bank Negara Indonesia (Persero) edged 0.8 percent
    Thai shares rose slightly, while the Vietnam index
 hit its highest in one week, helped by financials and
    Philippines, however, slipped as much as 0.8 percent,
hurt by industrial, real estate and financial stocks.
    "The market has been moving sideways but from the start of
the year we have been up, so I think I can attribute this
pullback during the day to some profit-taking," said Jose
Vistan, research head and vice president at AB Capital
Securities Inc.
    GT Capital Holdings, Aboitiz Equity and
Megaworld Corp all lost more than 2 percent each. 

For Asian Companies click;  

  Market            Current       Previous Close  Pct Move
  Singapore         3099.18       3079.96         0.62
  Bangkok           1586.26       1583.25         0.19
  Manila            7196.75       7252.66         -0.77
  Jakarta           5390.673      5372.077        0.35
  Kuala Lumpur      1700.3        1688.5          0.70
 Ho Chi Minh        702.96        700.65          0.33
  Change this year                                
  Market            Current       End 2016        Pct Move
  Singapore         3099.18       2880.76         7.58
  Bangkok           1586.26       1542.94         2.81
  Manila            7196.75       6840.64         5.21
  Jakarta           5390.673      5296.711        1.77
  Kuala Lumpur      1700.3        1641.73         3.57
  Ho Chi Minh       702.96        664.87          5.73 

 (Reporting by Christina Martin; Editing by Biju Dwarakanath)
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