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SE Asia Stocks-Rise on Wall Street rally, signs of recovery in commodities

By Rushil Dutta

April 21 (Reuters) - Southeast Asian stock markets rose on

Friday, tracking gains across Asia as investors took heart from

a Wall Street rally on bets of strong earnings and tax reform in

the United States.

Sentiment was also helped by a recovery in commodity prices.

Iron ore and steel futures in China jumped, while Shanghai base

metals rose on the back of robust gains in overnight London

trading and buoyant equity markets.

Crude oil traded steady, but was set for its biggest weekly

drop in about a month.

There was a moderate bid against risky assets, supported by

oil price movements and as French elections seemed more

predictable, said Taye Shim, head of research at Mirae Asset

Sekuritas Indonesia.

French centrist Emmanuel Macron is set to come out on top in

the first round of France's presidential election on Sunday as

far right leader Marine Le Pen fell further behind him, a poll


Meanwhile, U.S. President Donald Trump on Thursday launched

a trade probe against China and other exporters of cheap steel

into the U.S. market, raising the possibility of new tariffs.

But shares of most Asian steelmakers rose, deflecting the

first salvo of the long-anticipated anti-dumping campaign.

Asian shares excluding Japan rose 0.6

percent, heading for a second straight session of gains.

Indonesian shares rose 0.6 percent, helped by gains

in consumer and telecom stocks. Conglomerate Astra International

Tbk PT was 2.6 percent higher.

The central bank kept its benchmark rate unchanged on

Thursday for the sixth straight meeting, saying the current

level was consistent with its efforts to maintain stability.

Malaysian shares gained 0.6 percent with consumer

and financial stocks leading near broad-based gains.

Malayan Banking and CIMB Group Holdings

were up about 2 percent each.

Singapore shares rose 0.5 percent with oil and gas

stocks bouncing back, while Thai stocks climbed 0.3

percent, helped by basic materials.

Thai petrochemical producer Indorama Ventures Pcl

climbed 0.7 percent.

For the week, most Southeast Asian stock markets were down.

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Market Current Previous Close Pct Move

Singapore 3153.47 3137.88 0.50

Bangkok 1571.29 1566.28 0.32

Manila 7590.92 7563.45 0.36

Jakarta 5630.891 5595.306 0.64

Kuala Lumpur 1751.86 1741.61 0.59

Ho Chi Minh 714.83 712.66 0.30

Change on year

Market Current End 2016 Pct Move

Singapore 3153.47 2880.76 9.47

Bangkok 1571.29 1542.94 1.84

Manila 7590.92 6840.64 11.00

Jakarta 5630.891 5296.711 6.31

Kuala Lumpur 1751.86 1641.73 6.71

Ho Chi Minh 714.83 664.87 7.50

(Reporting by Rushil Dutta; Editing by Subhranshu Sahu)