January 22, 2018 / 10:36 AM / a month ago

SE Asia Stocks-Rise; Philippines, Indonesia hit record closing highs

    * Philippines, Indonesia touch record closing highs
    * Singapore, Vietnam hit little over decade-highs
    * Energy firms key contributors to regional indexes

    By Aaron Saldanha
    Jan 22 (Reuters) - Southeast Asian stock markets rose on
Monday, tracking broader Asian peers, with the Philippine
and Indonesian indexes marking record closing highs, as
investors saw limited economic fallout from a U.S. government
shutdown. 
    Wall Street stock futures and the dollar pulled back
slightly after Senate negotiators failed to reach agreement to
restore federal spending authority. The Senate, however, is set
to vote on Monday to end the shutdown and allow thousands of
federal employees to return to work.
    "At the end of the day, I think the U.S. government shutdown
is simply an issue that the United States is kicking the can
down the road, which means at some point, it is going to be
resolved," said Taye Shim, head of research at Mirae Asset
Sekuritas.
    "I think it (higher regional equities) is more of a
fundamental recovery, so investors are actually looking into the
economic growth prospects of the emerging markets." 
    Philippine shares ended 0.4 percent higher, led by 
real estate and financial stocks. 
    Property to financial services provider SM Investments Corp
 rose 0.9 percent, while Ayala Corp gained 1.8
percent.
    "Overall domestic demand is likely to remain strong in 2018,
supported by the government's infrastructure push. Our current
forecast pencil in steady GDP growth of 6.7 percent in 2018/19,"
said DBS Group in a note.
    The Philippine economy was expected to have ended 2017 on a
solid footing with growth in the last quarter gathering momentum
from strong domestic demand, robust government spending, and a
rebound in farm output.
    Indonesia ended higher for a sixth straight session,
as energy and utilities gained.
    United Tractors Tbk and Adaro Energy Tbk
were the biggest contributors to the benchmark's gain. 
    "I do not really see any derailment even from a weekly
perspective; we are actually very bullish on the Indonesia
market," said Shim of Mirae Asset Sekuritas.
    Singapore closed up 0.5 percent, its highest since
December 2007.
    Jardine Matheson Holdings Ltd and Singapore
Exchange Ltd rose more than 4.5 percent each.
    Vietnam hit its highest since October 2007, with
energy company Petrovietnam Gas Joint Stock Corp up 7
percent on higher global oil prices.

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change on the day
  Market          Current      Previous    Pct Move
                               close       
  Singapore       3569.43      3550.36     0.54
  Bangkok         1824.06      1821.34     0.15
  Manila          8950.62      8915.92     0.39
  Jakarta         6500.529     6490.896    0.15
  Kuala Lumpur    1833.15      1828.83     0.24
  Ho Chi Minh     1087.42      1062.07     2.39
                                           
  Change on year                           
  Market          Current      End 2017    Pct Move
  Singapore       3569.43      3402.92     4.89
  Bangkok         1824.06      1753.71     4.01
  Manila          8950.62      8558.42     4.58
  Jakarta         6500.529     6355.654    2.28
  Kuala Lumpur    1833.15      1796.81     2.02
  Ho Chi Minh     1087.42      984.24      10.48
 
 (Reporting by Aaron Saldanha in Bengaluru; Editing by Biju
Dwarakanath)
  
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