Lion and dragon dancers perform at the Philippine Stock Exchange on Jan 30, 2017. Philippine shares extended gains on Wednesday. (Reuters photo)
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%.
|Southeast Asian stock markets|
Courtesy: Bangkok Post | 4 Oct 2017 | WRITER: REUTER
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