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SE Asia stocks: Most rise; Singapore hits over 2-year high ahead of inflation data
[BENGALURU] Most South-east Asian stock markets rose on Monday after Wall Street's record finish in the previous session, with Singapore hitting a more than two-year high ahead of the release of September inflation data later in the day.
All three US stocks indexes hit record closing highs on Friday after the senate passed a budget resolution that will allow Republicans to pursue a tax-cut package without Democratic support, lifting hopes that President Donald Trump's tax-cut plan may move forward.
"Market sentiment was lifted on news last Friday that the US Senate passed a budget resolution allowing US$1.5 trillion of deficits over 10 years, which is seen as paving the way for tax reforms legislation to be passed," Mizuho Bank said in a note.
Singapore shares rose as much as 0.6 per cent to their highest since July 2015, before shedding gains to trade marginally higher.
The city-state's consumer price index in September is expected to have risen at the same pace as the previous month from a year earlier due to higher petrol prices, a Reuters poll showed.
Financials and industrials led the gains with heavyweight DBS Group Holdings rising to a more than two-and-a-half-month high and Keppel Corp Ltd climbing to its highest August 2015.
Indonesian shares rose up to 0.6 per cent to a near three-week high, with financials accounting for most of the gains.
Bank Central Asia Tbk PT, the country's biggest stock by market capitalisation, climbed as much as 5 per cent to a record high, while Astra International Tbk PT rose up to 1.6 per cent.
Vietnam shares were down for a second straight session, with energy and materials sectors leading the decline.
Meanwhile, Prime Minister Nguyen Xuan Phuc said the country is likely to meet its annual economic growth target of 6.7 per cent this year.
Average inflation in 2017 is seen around 4 per cent, meeting the target, while foreign reserves have reached a record high of more than US$45 billion, he told the country's national assembly.
Thailand was closed for local holiday.