December 19, 2017 / 10:42 AM / 9 months ago

SE Asia Stocks-Indonesia hits record closing high; Thai marks near 24-yr top

    By Nikhil Nainan
    Dec 19 (Reuters) - Indonesian shares hit a record
closing high on Tuesday, led by financials and consumer goods
stocks, while Thailand extended gains for a fifth
straight session to touch a near 24-year closing high.
    The Indonesian index ended higher for a sixth
consecutive session, with Unilever Indonesia rising
2.1 percent and Bank Negara Indonesia up 2.4 percent. 
    An index of the country's 45 most liquid stocks
rose 0.6 percent
    "As long as the (U.S.) tax reform bill is passed and there
are no hurdles related to the passing of the bill, the
(Indonesian) market will still grind higher because we do not
see any imminent threat to derail the global economic growth,"
said Taye Shim, head of research at Mirae Asset Sekuritas in
Jakarta.
    Asian stocks advanced on Tuesday after a record-setting
session on Wall Street as a U.S. tax bill moved closer to
passage, with Republican Senator Susan Collins saying on Monday
she would vote for the tax overhaul. 
    The bill would cut U.S. corporate tax rates to 21 percent
from 35 percent, which investors are betting will boost profits
as well as trigger share buybacks and higher dividend payouts. 
    Elsewhere in Southeast Asia, Thai shares ended 0.5
percent higher, on gains in Bank of Ayudhya and
Airports of Thailand, while Philippines closed
down 0.7 percent following Monday's 1 percent gain.
    Industrial and telecom stocks fell as investors booked
profits, with JG Summit Holdings Inc down 4.8 percent
and PLDT Inc 5.8 percent lower.
    Foreign investors net sold equities worth 186.9 million
pesos ($3.71 million). 
    In Malaysia, shares extended losses for a third
straight session, dragged down by financial stocks.
    Public Bank dropped 1 percent, while CIMB Group
Holdings lost 0.6 percent. 
    "There is concern that with the rate hike in the United
States, cheap funds might flow out of the country," said Redza
Rahman, head of research at Malaysian Industrial Development
Finance.
    The U.S. Federal Reserve raised interest rates last week,
but left its rate outlook for the coming years unchanged even as
policymakers projected a short-term jump in U.S. economic growth
from the Trump administration's proposed tax cuts.
    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on day                                      
 Market                   Current   Previous close  Pct Move
 Singapore                3404.47   3414.82         -0.30
 Bangkok                  1732.31   1723.71         0.50
 Manila                   8365.96   8422.82         -0.68
 Jakarta                  6167.666  6133.963        0.55
 Kuala Lumpur             1736.95   1751.64         -0.84
 Ho Chi Minh              951.42    958.06          -0.69
                                                    
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3404.47   2880.76         18.18
 Bangkok                  1732.31   1542.94         12.27
 Manila                   8365.96   6840.64         22.30
 Jakarta                  6167.666  5296.711        16.44
 Kuala Lumpur             1736.95   1641.73         5.80
 Ho Chi Minh              951.42    664.87          43.10
 
($1 = 50.3710 Philippine pesos)

 (Reporting by Nikhil Kurian Nainan; Editing by Biju
Dwarakanath)
  
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