SE Asia stocks upbeat as positive global sentiment spills over

Southeast Asian stock markets gained momentum in afternoon trade on Wednesday, driven by positive sentiment in global markets on receding political uncertainty in France, strong Wall Street earnings and anticipated tax cuts by US President Donald Trump.

Wall Street ended higher on Tuesday with the Nasdaq Composite hitting a record high, underpinned by strong earnings, while the euro retained previous gains as immediate political concerns regarding the French presidential elections faded.

MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.55% to its highest since June 2015 and was last up 0.3%, heading for a fifth straight session of gains.

Indonesian shares gained the most in the region, closing 0.8% higher, after having hit fresh highs at open.

Healthcare stock Mitra Keluarga Karyasehat gained 6.9% and Bank Central Asia rose 3.5%.

An Index of Indonesia's 45 most liquid stocks gained more than 1%, rising for the third straight session.

Investors shrugged of data that showed that foreign direct investment into Indonesia grew at its weakest pace in at least five years in the first quarter on slowing government deregulation efforts, risking investment growth.

Philippine shares came off early losses to close 0.3% higher, buoyed by net foreign buying.

Singapore shares rose 0.3% with Genting Singapore gaining 3.7% and DBS Group Holdings climbing 0.6%.

Singapore's industrial production rose faster than expected in March from a year earlier, due to a continued surge in the electronics sector, data showed on Wednesday, pointing to a possible upward revision in the city-state's first-quarter GDP.

Malaysian stocks climbed 0.2% in their fourth straight session of gains, posting their highest close since May 2015.

Vietnam ended 0.4% higher, snapping four consecutive sessions of losses.