Kioson Komersial Indonesia is set to become the country's first start-up company to conduct an initial public offering at the Indonesia Stock Exchange, setting a path for raising capital for other start-ups to follow. (Antara Photo/Akbar Nugroho Gumay)
Most SE Asia Stocks Gain as China Data Cheers, Indonesia at Record Closing High
BY :CHANDINI MONNAPPA
JULY 03, 2017
Most Southeast Asian stock markets closed higher on Monday tracking strong broader peers as investors took a surprise recovery in Chinese factory activity as evidence of steadying growth in the world's second largest economy.
A private survey showed that China's manufacturing engine cranked back into growth mode in June, expanding at the fastest pace in three months after unexpectedly contracting in May
"China's manufacturing PMI rebound is a silver lining and overall inflation is likely to be contained despite bottoming," Mizuho Bank analysts said in a note.
Reopening after a long holiday, the Jakarta Composite Index closed at a record high with telecommunication and financial stocks leading gains.
Telekomunikasi Indonesia rose 6 percent to end at a record high.
Indonesia's annual inflation rate accelerated slightly in June as demand increased in the days leading to the Idul Fitri celebrations at the end of the month, the Central Statistics Agency said.
Thai shares closed 0.3 percent up as all sectors gained.
Thailand's annual headline consumer prices fell for a second straight month in June, mainly due to lower food prices, government data showed.
Meanwhile, a Reuters poll showed that Thailand's central bank will keep its low benchmark interest rate as economic recovery is slow and household debt levels are high.
Philippine stocks closed 0.3 percent higher, led by real estate and financials. Property developer Ayala Land closed 1.6 percent up while Bank of the Philippine Islands ended the day 0.6 percent higher.
Malaysian shares gained 0.3 percent as consumer and materials stocks rose. Vietnam extended gains into a fourth consecutive session and closed the day 0.3 percent higher Singapore ended marginally lower, hurt mainly by financial stocks.