May 8, 2017 / 10:18 AM / a year ago

SE Asia Stocks-Philippines extends gains on tax reform plans

    By Hanna Paul
    May 8 (Reuters) - Philippine shares rose 1.5 percent
on Monday, extending gains into a third session, buoyed by the
government's tax reform plans and upbeat corporate results.
    The country's finance Secretary laid out an ambitious tax
reform agenda that would raise fuel taxes, lower corporate
taxes, discourage tax evasion, and generate more revenue for the
government's infrastructure spending programme.
    The government plans to increase infrastructure spending to
as much as 7 percent of gross domestic product by 2022 from 5.2
percent this year.
    "For the past couple of weeks we have seen an influx of
foreign buying on several factors, including positive corporate
earnings and on hopes that the tax reform plan will be passed by
the Congress in June," said Manny Cruz, chief strategist with
Manila-based Asiasec Equities Inc.
    "The president's visit to China and Russia also added to the
excitement on hopes that the government will be able to get some
funding for its infrastructure plan."
    The Philippine Stock Exchange PSEI Index posted its highest
close since August 2016. It added 1.5 percent last week in its
third consecutive weekly gain.    
    Petroleum refiner Petron Corp climbed over 7
percent and conglomerate Ayala Land surged more than
4.6 percent on upbeat quarterly results.

    The central bank is set to meet on Thursday where it is
expected to hold rates as "inflation is within the central
bank's price target range".
    Meanwhile, most other Southeast Asian markets were flat to
higher, with Indonesia hitting a record high on
better-than-expected economic growth data.
    The Indonesian central bank maintained its forecast for 2017
economic growth at 5.2 percent-5.4 percent on Friday.
    PT Bank Mitraniaga Tbk was the biggest percentage
gainer on the benchmark stock index with a surge of 34.7
    Malaysian shares closed 0.3 percent higher, helped
by gains in financials including Hong Leong Financials
and Maybank Banking Bhd.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained 0.8 percent, snapping a three-session
losing streak, on investor relief after centrist Emmanuel Macron
won the French presidential election. 
For Asian Companies click;  

  Market           Current       previous     Pct Move
  Singapore        3236.98       3229.73      0.22
  Bangkok          1568.02       1569.02      -0.06
  Manila           7962.33       7841.99      1.53
  Jakarta          5707.862      5683.377     0.43
  Kuala Lumpur     1768.15       1762.74      0.31
  Ho Chi Minh      718.86        720          -0.16
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3236.98       2880.76      12.37
  Bangkok          1568.02       1542.94      1.63
  Manila           7962.33       6840.64      16.4
  Jakarta          5707.862      5296.711     7.76
  Kuala Lumpur     1768.15       1641.73      7.70
  Ho Chi Minh      718.86        664.87       8.1
 (Reporting by Hanna Paul; Additional reporting by; Editing by
Subhranshu Sahu)
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