Southeast Asia stocks rise as Brexit concerns dim

Southeast Asia stocks rise as Brexit concerns dim

Campaigners from the
Campaigners from the "Vote Remain" group hand out stickers, flyers and posters in Oxford Circus in central London on Tuesday. Southeast Asian stocks rose amid growing expectations that Britons would vote to remain in the European Union. (AFP photo)

Most Southeast Asian stocks rose on Tuesday, in line with Asian markets, amid growing expectations that Britons would vote to remain in the European Union in Thursday's referendum.

Investors were also cautious ahead of US Federal Reserve chair Janet Yellen's two-day testimony before Congress starting later on Tuesday.

Two opinion polls on Monday suggested that the "Remain" camp had recovered some ground in the referendum debate following the murder of a pro-EU lawmaker.

A British vote to leave the EU would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday, said billionaire investor George Soros.

The Philippine stock index outperformed peers to close more than 1% higher, its fifth straight session of gains in its longest streak of daily gains since April.

Waning concerns around Brexit along with an encouraging outlook towards FDI with the new government are helping the Philippine market, said Grace Aller of AP Securities in Manila.

Philippine President-elect Rodrigo Duterte's new economic team on Monday promised sweeping changes to boost infrastructure and maintain the country's robust economic growth. Duterte is to begin his six-year term on June 30.

Investors are also keeping a keen eye out for the Philippine central bank's policy meeting on Thursday, where the apex bank is expected to keep key policy rates steady, a Reuters poll showed.

Jakarta closed 0.3% higher, while Malaysia edged up 0.2%. 

The Thai index also rose but Singapore fell 0.4%, dragged down by industrial stocks.

Asian shares climbed, with the MSCI's broadest index of Asia-Pacific shares outside Japan up 0.5% in late afternoon trade.

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