Asean markets to trail behind the East Asian markets
SINGAPORE: Most Southeast Asian stock markets closed higher on Thursday, with the Philippines posting its biggest gain in more than three weeks after the country's much-awaited tax reform bill cleared a parliamentary hurdle on Wednesday.
The bill, cleared by the lower house of Congress, still needs Senate approval and is critical to President Rodrigo Duterte's economic programme, which focuses on infrastructure spending and fiscal efficiency to promote growth.
The Philippine index surged as much as 1.3 percent and closed at its highest in more than three weeks, with telecom and real estate stocks boosting the index.
PLDT Inc, the biggest telecom stock by market value, jumped to its highest in nearly nine months, while real estate developer Ayala Land gained 3.3 percent.
Property stocks are among the main beneficiaries of the bill, said Rachelle Cruz, an analyst with AP Securities, adding that the bill's passing could help the market breach the 8,000 level. The market closed at 7,927.49.
Singapore shares posted their biggest gain in more than four weeks, boosted by telecom and financial stocks.
Singapore Telecommunications (SingTel) shares climbed as much as 1.6 percent to their highest in more than seven weeks, while the city-state's top lenders DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank clocked gains in the range of 0.7 percent to 1 percent.
Reports that internet provider MyRepublic Ltd is seeking private equity backing for local wireless carrier M1 Ltd has shored up buying interest in telecom stocks, said Wong Kok Hoong, sales trader at Maybank Kim Eng Securities Pte Ltd.
Meanwhile, Thailand's annual headline consumer prices unexpectedly dropped for the first time in 14 months, government data showed, giving the central bank room to keep interest rates low to aid economic recovery.
Thai shares closed marginally higher after gaining as much as 0.3 percent in the session.
Malaysia fell to their lowest since May 5, with telecom firm Axiata Group hitting a two-and-a-half-month low.
Vietnam shares gained as much 0.6 percent, while Indonesia was closed for a holiday. - Reuters
Get 30% off with our ads free Premium Plan!
