SE Asia Stocks Firmer; Indonesia, Malaysia hit record high

Business & Markets 2013
Written by Reuters
Tuesday, 30 April 2013 19:12
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(April 30): All Southeast Asian stocks gained on Tuesday with Indonesia
and Malaysia hitting record highs, on strong quarterly earnings and
expectations that the U.S. Federal Reserve and the European Central
Bank would continue with growth-supportive monetary stimulus
measures.
The broader Jakarta Composite Index rose 0.7 percent to a record high
of 5,034.07, surpassing its previous peak of 5,026.92 hit on April 22.
Unilever Indonesia Tbk PT, which jumped 14.1 percent to a five-month
high, helped the index gain.
The rally in the share was linked to the news that Unilever Plc was to
raise its stake in India unit, said Jemmy Paul, head of equity,
Sucorinvest Asset Management.
Anglo-Dutch consumer goods giant Unilever offered to pay as much as
$5.4 billion to raise its stake in its Indian unit, banking on fast-growing
spending power in Asia's third-largest economy.
James Allison, the company's head of investor relations and M&A, said
later in the day that Unilever Plc does not intend to increase its stake in
Indian arm Hindustan Unilever beyond 75 percent.
Malaysia's broader index also hit a record high of 1,718.44, before
ending at a record close of 1,717.65 with a 0.6 percent gain led by
financials and a $209.34 million foreign inflow.
The Malaysian stock exchange has reported a net foreign buying of 4.7 billion ringgit ($1.55 billion) so far in the month,
outperforming most other regional peers.
The Singapore Straight Times index gained 0.2 percent to a five-year high, the Philippine gained 0.6 percent and Thailand
jumped 0.8 percent led by energy shares.
Vietnam was closed for a holiday.