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  • Dec 29th, 2016
  • Comments Off on Southeast Asian markets: Philippines, Indonesia climb
Most Southeast Asian stocks ended higher on Wednesday, tracking overnight gains on Wall Street that rose on strong US housing and consumer data, with the Philippine index posting its biggest single-day percentage gain in more than two months.

Data released on Tuesday showed US consumer confidence shot to the highest in more than 15 years in December as they saw more strength ahead in business conditions, stock prices and the job market, while house prices continued their steady recovery in October.

Philippine shares closed 2.8 percent higher, their highest closing level since December 16, with financials, real estate and consumer stocks leading the gainers. Ayala Land Inc was up 5.14 percent, while Jollibee Foods Corp gained 3.25 percent.

Indonesia closed at its highest in nearly two weeks, led by gains in consumer and financial stocks. Bank Rakyat Indonesia (Persero) Tbk PT and clove cigarette maker Hanjaya Mandala Sampoerna Tbk PT each gained 3.4 percent.

Malaysian shares rose 0.7 percent, while Thai stocks closed 0.5 percent higher, their fourth straight session of gains. Vietnam fell marginally, dragged down by financial and energy shares. Vietnam's economy marked its first slowdown in four years in 2016. PetroVietnam Drilling & Well Service Corp fell 2.4 percent, tracking lower global oil prices. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent as of 1010 GMT.

Copyright Reuters, 2016


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