JAKARTA - Most Southeast Asian stock markets rose on Wednesday, as renewed optimism over implementation of a tax amnesty plan buoyed Indonesian stocks, while a rise in oil prices helped other markets in the region.
Indonesia's Jakarta Composite Index rose 0.3 per cent as government pledged to scrutinise taxpayers named in the data leaked from a Panamanian law firm as part of efforts to chase their offshore undeclared assets.
"We believe the government will leverage the momentum to implement its tax amnesty agenda," KDB Daewoo Securities Indonesia wrote in a note on Wednesday.
A much-anticipated tax amnesty bill is expected to be discussed soon in the Indonesian parliament, which would allow special purpose vehicles to declare or repatriate money stashed overseas.
Meanwhile, Singapore's Straits Times Index gained 0.5 per cent, recovering some of its losses after posting its biggest one-day decline in four weeks in the previous session, as oil prices rose.
Crude oil futures jumped on Wednesday, lifted by growing expectations that exporters will agree to freeze their output amid global oversupply.
The Malaysian market edged up 0.02 per cent, while Vietnam was up 0.4 per cent.
Bucking the trend, the Philippines was down 0.6 per cent. Thailand's market is closed on Wednesday for a public holiday.