Southeast Asian stock markets closed higher on Wednesday on a larger-than-expected economic stimulus package from Japan, and ahead of the outcome of the US Federal Reserve policy meeting later in the day.
Japanese Prime Minister Shinzo Abe unveiled a stimulus package of more than 28 trillion yen ($265 billion), exceeding initial estimates of around 20 trillion yen.
"The hope of stimulus from Japan had diminished a couple of weeks back, but recent reports on the likelihood of one have got the markets upbeat again," said Manny Cruz, an analyst with Manila-based Asiasec Equities.
The Fed is expected to leave interest rates unchanged when it concludes its meeting on Wednesday as policymakers hold out for more evidence of a pickup in inflation.
Vietnam shares closed 1.2% higher, driven by energy and financials, on encouraging July industrial production data and as the country expects to post a trade surplus in July against a deficit in June.
Petrovietnam Gas Joint Stock Corp and PetroVietnam Drilling & Well Service Corp gained 2.5% and 1.6% respectively.
Indonesia finished almost 1% up, its highest close in more than 14 months. Financials and utilities led the gains, with Bank Central Asia Tbk PT up 1.9% while Perusahaan Gas Negara Tbk PT added 5.1%.
Indonesian President Joko Widodoon Wednesday appointed World Bank managing director Sri Mulyani Indrawati as the country's new finance minister, as part a wider cabinet reshuffle aimed at increasing the effectiveness of his team.
Philippine shares closed almost 1% higher, led by consumer cyclicals and consumer staples.
Restaurant chain Jollibee Foods and food and beverage firm JG Summit Holdings were the biggest gainers on the index.
Southeast Asian stock markets |
|
||
|
Current |
Previous |
Pct move |
Indonesia |
5,274.36 |
5,224.39 |
+0.96 |
Malaysia |
1,663.56 |
1,661.42 |
+0.13 |
Philippines |
8,100.48 |
8,024.54 |
+0.95 |
Singapore |
2,941.49 |
2,933.44 |
+0.27 |
Vietnam |
656.11 |
648.59 |
+1.16 |