SE Asia Stocks-Philippines, Indonesia mark new closing highs

By Sumeet Gaikwad

Oct 4 (Reuters) - Philippine and Indonesian shares posted

record closing highs on Wednesday as overnight gains on Wall

Street buoyed sentiment across Asia, while Thailand edged down

after scaling a 24-year peak.

MSCI's broadest index of Asia-Pacific shares outside Japan

rose as much as 0.3 percent.

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 percent to close

an all-time high while telecom service provider PLDT Inc

closed 2.4 percent higher.

Indonesia's benchmark index closed 0.2 percent

higher, extending gains from the previous session, helped by

energy and material stocks.

Healthcare products maker Kalbe Farma Tbk climbed

nearly 3 percent while shares of mining contractor United

Tractors rose as much as 3.8 percent 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 percent.

Vietnam stock market climbed nearly 1 percent, its

biggest gain in over 2 months, led by financial stocks.

Malaysian stock market ended marginally up, helped

by telecom and consumer discretionary stocks. Genting Bhd

added nearly 1 percent, while CIMB Group Holdings Bhd

closed 0.8 percent up.

Meanwhile, Thai shares erased early gains to end

marginally lower, dragged by industrials. Airports of Thailand

Inc slipped 1.3 percent, while oil and gas explorer PTT

Exploration and Production Pcl ended 1.4 percent

lower.

Singapore shares shed 0.3 percent, weighed by

financial and industrial stocks.

Market heavyweight Jardine Matheson Holdings Ltd

slid 1.5 percent while United Overseas Bank Ltd fell

0.6 percent.

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SOUTHEAST ASIAN STOCK MARKETS

Change on day

Market Current Previous Pct Move

Close

Singapore 3236.65 3246.08 -0.29

Bangkok 1687.77 1689.97 -0.13

Manila 8344.05 8312.93 0.37

Jakarta 5951.475 5939.453 0.20

Kuala Lumpur 1761.84 1759.67 0.12

Ho Chi Minh 805.66 798 0.96

Change on year

Market Current End 2016 Pct Move

Singapore 3236.65 2880.76 12.35

Bangkok 1687.77 1542.94 9.39

Manila 8344.05 6840.64 21.98

Jakarta 5951.475 5296.711 12.36

Kuala Lumpur 1761.84 1641.73 7.32

Ho Chi Minh 805.66 664.87 21.18

(Reporting by Sumeet Gaikwad; Editing by Amrutha Gayathri)