Southeast Asian stock markets closed higher on Tuesday with Indonesia surging to its highest in nearly one-and-a-half year, while Thai shares rose more than 1 percent to hit a near four-week high. The Jakarta Composite Index climbed for a second straight session, boosted by gains in energy and consumer stocks. "Recent developments on the domestic side have been very positive, given that we have had an encouraging tax amnesty progress and strong capital inflows," said Taye Shim, an analyst with Jakarta-based Daewoo Securities.
A report from the Strait Times said Indonesia's tax amnesty scheme achieved 90 percent of its 4,000 trillion rupiah ($308.05 billion) target in just three months. Mining company Aneka Tambang (Persero) Tbk PT jumped more than 3 percent after Indonesian government said it was finalising an overhaul of its mining rules that could reopen exports of nickel ore which was banned since 2014.
Thai stocks were buoyed by gains in financials and consumer non-cyclical stocks. Kasikornbank Pcl rose more than 3 percent while Siam Commercial Bank Pcl moved 1.7 percent higher. Philippine shares rallied to its highest in more than one week, supported by consumer cyclicals and utilities, as investors shrugged off President Rodrigo Duterte's latest rhetoric against the United States. Vietnam shares snapped a two-day losing streak, while Singapore stocks rose for a second straight day as consumer goods and services stocks gained footing. Malaysian shares clocked their biggest intraday percentage gain in two-and-a-half months.