The win also averts another populist upheaval to follow Britain's move to quit the EU. Wall Street which rose on Friday after the rebound in US job growth data is expected to extend gains with S&P 500 expected to push into record territory when trading reopens. "The strength in the emerging market comes from the combination of the French elections as well as the US jobs data," said Taye Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
"Stronger-than-expected growth in Indonesia is clear evidence that emerging markets are doing very well than the developed markets." Asia's refined fuel consumption is poised to grow 2.1 percent annually through 2021 against a global average of 1.4 percent, BMI Research analysts wrote, with the bulk of growth occurring in emerging markets including Indonesia, Thailand, Malaysia, Vietnam and the Philippines. Jakarta SE Composite Index gained as much as 0.8 percent, after Indonesia's central bank reported better-than-expected annual growth of 5.01 percent in Jan-March on Friday. Financials led gains in Indonesia, with PT Bank Mitraniaga Tbk rising over 34 percent as the top gainer on the benchmark.
Philippine shares advanced as much as one percent to its highest in 8 months, with industrials dominating gains on the benchmark. Conglomerate SM Investments, the top gainer, rose over 5 percent to hit an all-time high, followed by Security Bank Corp up over 2 percent. Malaysia rose as much as 0.2 percent, with financial stocks including Maybank Banking Bhd and RHB Bank , both up nearly a percent, leading gains. "Emerging markets are benefiting the most from the global economy recovering cycle. The market will be on cruise control unless any signs of derailment such as geopolitical risks arising from the euro zone," said Shim. Singapore fell slightly, while trading was choppy in Thailand.