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SE Asia Stocks-Rise after Trump-Abe meet; Indonesia hits 3-mth high
February 13, 2017 / 5:33 AM / 7 months ago

SE Asia Stocks-Rise after Trump-Abe meet; Indonesia hits 3-mth high

By Geo  Tharappel
    Feb 13 (Reuters) - Southeast Asian stock markets rose on
Monday, tracking Asian peers, as investor concerns eased after
U.S. President Donald Trump set aside tough campaign rhetoric
over security and jobs in a smooth meeting with Japanese Prime
Minister Shinzo Abe.
    Also boosting sentiment were Trump's change of tack to agree
to honour the "one China" policy, and his tax reform plans.
   
    "The easing of global uncertainties is a common denominator
for regional markets," said Taye Shim, head of research at Mirae
Asset Sekuritas.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained as much as 0.5 percent to its highest
since July 2015.
    Indonesian shares rose as much as 0.9 percent to a
three-month high, outperforming other regional markets.
    "Indonesia's price performance is largely related to the
upcoming Jakarta mayor election," said Shim.
    "There's a little more clarity after the second debate held
over the weekend... Investors are getting more confidence that
the incumbent might be able to win the race."
    Incumbent Basuki Tjahaja Purnama has been popular among the
middle classes for cutting red tape in the traffic-clogged city
and pushing through infrastructure projects. Wednesday's vote is
widely being seen as a proxy ahead of the 2019 presidential
election. 
    Financials and materials led the gains with Bank Central
Asia recovering from the previous session's fall to
gain as much as 4.3 percent. Indocement Tunggal Prakarsa
 rose as much as 5.3 percent in its biggest gain in 11
weeks.
    Singapore shares extended gains to hit a 17-month
high, led by telecom and financial stocks.
    Singapore Telecommunications Ltd was headed for a
third straight session of gains after last week's upbeat
quarterly results. The city-state's biggest telecom firm by
market value rose as much as 1.5 percent to a more than
four-month high.
    Malaysian shares climbed as much as 0.7 percent to
their highest since April 2016, led by financial and telecom
stocks. 
    Banker CIMB Group Holdings rose as much as 2.2
percent to an 18-month high, while telecom conglomerate Axiata
Group gained up to 1.6 percent.
    Thailand was closed for a holiday.      
For Asian Companies click; 
SOUTHEAST ASIAN STOCK MARKETS : Change at 0443 GMT
  Market             Current        prev close    Pct Move
  Singapore          3108.88        3100.39       0.27
  Manila             7275.86        7235.21       0.56
  Jakarta            5403.443       5371.669      0.59
  Kuala Lumpur       1706.87        1698.94       0.47
  Ho Chi Minh        704.95         703.78        0.17
                                                  
  Change this year                                
  Market             Current        End 2016      Pct Move
  Singapore          3108.88        2880.76       7.92
  Manila             7275.86        6840.64       6.36
  Jakarta            5403.443       5296.711      2.02
  Kuala Lumpur       1706.87        1641.73       3.97
  Ho Chi Minh        704.95         664.87        6.03
 
 (Reporting by Geo Tharappel in Bengaluru; Additional reporting
by Fransiska Nangoy; Editing by Subhranshu Sahu)

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