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Southeast Asian Stocks-Rise tracking Wall Street; Singapore hits 2-1/2-year high

Financial and consumer discretionary stocks led the gains, with Public Bank Bhd and Genting Bhd adding 0.2 percent and 1.2 percent, respectively. Meanwhile, the Philippine market rose 0.5 percent, led by real estate and industrial stocks.

By: Reuters | Published: November 22, 2017 10:28:39 am
Southeast Asian Stocks-Rise tracking Wall Street Broader Asian shares edged higher after Wall Street posted strong gains overnight, while a rise in oil prices also lent support. (File/Photo)

Southeast Asian stock markets rose on Wednesday, riding the global positive sentiment, with Singapore hitting a 2-1/2-year high, while data showing better-than-expected exports in October underpinned Thai shares. Broader Asian shares edged higher after Wall Street posted strong gains overnight, while a rise in oil prices also lent support.

Oil prices climbed after a reported fall in US crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.

“Asian Markets are up due to sharp gains on Dow Jones overnight. A strong Wall Street has spilled over to Asian equities,” said Manny Cruz an analyst at Manila-based Asiasec Equities Inc.

Thai shares climbed 0.4 percent, led by energy and material stocks, as monthly trade data beat expectations.Thai exports, a key driver of the country’s growth, climbed 13.1 percent in October from a year earlier, after rising 12.2 percent in September, as global demand remained strong, commerce ministry data showed on Wednesday.

The index was boosted by Siam Cement, which rose 1.2 percent, while gas and petroleum producer PTT Pcl added nearly 1 percent.

Singapore shares edged up 0.3 percent to their highest since May 2015, buoyed by financial stocks, putting the index on track for its fourth straight session of gains.

The city-state’s top lenders such as DBS Group Holdings , OCBC and United Overseas Bank posted gains in the range of 0.6 percent to 1.7 percent. The Malaysian index firmed 0.3 percent ahead the October inflation data due later in the day.

Malaysia’s annual inflation rate for October likely moderated to 4.0 percent from a year earlier after increasing the previous two months, a Reuters poll showed, thanks to lower fuel prices.

Financial and consumer discretionary stocks led the gains, with Public Bank Bhd and Genting Bhd adding 0.2 percent and 1.2 percent, respectively. Meanwhile, the Philippine market rose 0.5 percent, led by real estate and industrial stocks.

Index heavyweights SM Investments Corp and Ayala Land Inc gained 1 percent and 2.1 percent, respectively. Indonesian shares added 0.3 percent, driven by financial and consumer discretionary stocks.

Astro International was up 2.4 percent, while Bank Negara Indonesia added 2.2 percent. The index of the country’s 45 most liquid stocks was up 0.4 percent.

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