Indonesia, Philippines Markets Hit Record High

SINGAPORE: Most Southeast Asian stock markets rose on the last trading day of the year on Friday, with Indonesia scaling a new high for a third straight session and the Philippines extending gains to hit an all-time peak.

The Jakarta Composite Index (JCI) climbed as much as 0.8 percent on continued optimism that the market was poised to provide significant yields in 2018.

Optimism about economic perspectives in 2018 has been helping markets gain over the past several days, Star Online reported, citing Manny Cruz, an analyst with Asiasec Equities Inc in Manila.

“The Philippines along with Indonesia and Vietnam is expected to do well in 2018,” he said.

Indonesian shares have gained over 2 percent so far this week in what could be their best week since mid-August, and are set for their best yearly rise since 2014 with an increase of about 20 percent so far in 2017.

Philippine shares jumped as much as 1.2 percent and were headed for a fifth straight session of gains after a slew of positive economic data.

Data on Tuesday showed that the country posted a narrower budget deficit for November. This came after the Congress passed a long-awaited tax reform plan, a ratings upgrade by Fitch, and forecasts of faster economic growth by the World Bank. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)