Most Southeast Asian stock markets rose on Thursday, with the Philippines posting its highest close since September 2016, buoyed by mining stocks after the ouster of the country's environment minister over her anti-mining advocacy. Philippine lawmakers ended a 10-month crusade by Environment Secretary Regina Lopez on Wednesday, forcing out the eco-warrior whose mining crackdown was backed by the president but led to demands of her removal by miners.
Apex Mining Co Inc surged as much as 20.2 percent to its highest in over two months, before closing 6.4 percent higher. Philex Mining Corp closed up 0.4 percent after rising as much as 1.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.4 percent, taking cues from a subdued session on Wall Street after the Federal Reserve's hawkish policy statement.
The Fed downplayed weak first-quarter economic growth and emphasised the strength of the labour market, a sign it was still on track for two rate increases this year. Singapore shares fell, dragged down by financials. DBS Group Holdings Ltd fell 1.8 percent and Oversea-Chinese Banking Corp Ltd dropped 0.2 percent. Malaysian shares hit a near two-week closing low, hit by financials.
A $1.7-billion property deal that was expected to ease the debt burden of Malaysian state fund 1Malaysia Development Berhad (1MDB) fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund. Thai shares posted their highest close since April 18, buoyed by financial and energy stocks, while Indonesia gained 0.4 percent.
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