SE Asian stocks rise as risk appetite gets Wall Street boost; Indonesia up 1.2%

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(April 21): Southeast Asian stock markets ended higher on Friday as risk sentiment received a boost from a Wall Street rally on hopes of strong earnings and a US tax reform, and a mild recovery in commodity prices.

The Indonesian benchmark index rose 1.2%, its biggest intraday gain since mid-March, bringing the weekly gain to 0.9%.

The session's gains were concentrated in telecom and consumer stocks, with conglomerate Astra International Tbk PT gaining 6.7%.

Southeast Asian stocks reflected broader Asian sentiment, as investors were unfazed by a US trade probe on Chinese steel exports, with Asian steelmakers mostly steady or higher.

Analysts also ascribed the session's gains to lessened apprehensions around the first round of French Presidential elections this weekend.

French centrist Emmanuel Macron is set to come out on top on Sunday as far right leader Marine Le Pen fell further behind him, a poll showed.

Malaysia gained 0.8%, bringing the week's gains to 1.5%, helping it post its best weekly performance since mid-March.

The day's gains were driven by financials and consumer shares, with Malayan Banking adding 3.5%.

Philippine and Thai shares added about 0.2% each, but lost 0.7% and 1.2%, respectively, on the week.

Vietnam shares ended little changed.

Indonesian markets will remain closed on Monday for a public holiday, while Malaysia markets will be closed for a holiday marking the installation of the new King.

SOUTHEAST ASIAN STOCK MARKETS
Change on day

Market                   Current   Previous close  % move
Singapore                3139.83   3137.88         0.06
Bangkok                  1570.02   1566.28         0.24
Manila                   7578.16   7563.45         0.19
Jakarta                  5664.475  5595.306        1.24
Kuala Lumpur             1756.05   1741.61         0.83
Ho Chi Minh              712.41    712.66          -0.04

Change on year

Market                   Current   End 2016        % move
Singapore                3139.83   2880.76         8.99
Bangkok                  1570.02   1542.94         1.76
Manila                   7578.16   6840.64         10.80
Jakarta                  5664.475  5296.711        6.94
Kuala Lumpur             1756.05   1641.73         6.96
Ho Chi Minh              712.41    664.87          7.20