Philippines, Indonesia stocks mark new closing highs

Lion and dragon dancers perform at the Philippine Stock Exchange on Jan 30, 2017. Philippine shares extended gains on Wednesday. (Reuters photo)

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Philippine and Indonesian shares posted record closing highs on Wednesday as overnight gains on Wall Street buoyed sentiment across Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose as much as 0.3%.

Philippine stocks extended gains to a fourth session, led by financial and telecom stocks, as expectations of a tax overhaul continued to boost investor optimism.

The proposed tax reform measures will only have a modest inflationary impact and will not need a monetary policy response, said Nestor Espenilla the central bank governor, who also brushed off a sharp decline in the peso currency in an upbeat message on the economy.

The tax measures seek to expand the value-added tax base, raise excise taxes on fuel and automobiles, and slap levies on sugar-sweetened beverages among other changes. They were approved by the lower house of Congress in May, but have yet to be endorsed by the Senate.

Blue-chip BDO Unibank Inc rose 2.1% to close an all-time high while telecom service provider PLDT Inc closed 2.4% higher.

Indonesia’s benchmark index closed 0.2% higher, extending gains from the previous session, helped by energy and material stocks.

Healthcare products maker Kalbe Farma Tbk climbed nearly 3% while shares of mining contractor United

Tractors rose as much as 3.8% to hit an all-time high and were on track for their fifth straight session of gains.

An index of the country’s 45 most liquid stocks rose 0.2%.

Vietnam stock market climbed nearly 1%, its biggest gain in over two months, led by financial stocks.

Malaysian stock market ended marginally up, helped by telecom and consumer discretionary stocks. Genting Bhd added nearly 1%, while CIMB Group Holdings Bhd closed 0.8% up.

Singapore shares shed 0.3%, weighed by financial and industrial stocks.

Market heavyweight Jardine Matheson Holdings Ltd slid 1.5% while United Overseas Bank Ltd fell 0.6%.

Courtesy: Bangkok Post | 4 Oct 2017  | WRITER:  REUTER

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