Southeast Asian stock markets gained on Thursday, with Singapore bouncing back strongly from the previous session's losses, as Washington expressed willingness to negotiate a resolution with Beijing, assuaging fears of a full-blown trade war between the two nations. Broader Asian shares outside Japan gained 0.6 percent, after Wall Street's three major indexes staged a comeback to close around 1 percent higher overnight.
Singapore shares closed nearly 2 percent higher, after having slumped 2.1 percent on Wednesday, with financials leading the recovery. The city-state's biggest lender, DBS Group Holdings Ltd gained 3.1 percent, while Oversea-Chinese Banking Corp Ltd climbed 2.2 percent.
Malaysian shares rose 1.1 percent, with top lenders CIMB Group Holdings Bhd and Malayan Banking Bhd ending 1.6 percent and 1.4 percent higher, respectively. Malaysia's exports in February fell 2 percent from a year earlier, easing sharply from the 17.9 percent growth recorded in January, government data showed.
Philippine stocks closed 0.3 percent higher, with conglomerate SM Investments Corp gaining 1.5 percent. The Philippine central bank will review the need for a measured policy response to anchor price expectations, Governor Nestor Espenilla said on Tuesday, signalling that a near-term rate increase might be on the cards after inflation accelerated at its fastest pace in five years last month. Indonesian shares ended 0.4 percent higher, with telecom and consumer staples being the top gainers.
Telecom firm Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT rose 2.2 percent while Unilever Indonesia Tbk PT closed nearly 1 percent higher. The index of the country's 45 most liquid stocks rose 0.5 percent. Vietnam shares rose marginally, marking their 16th winning session in 19. The index had jumped 21.1 percent this year as of Wednesday's close.
Comments
Comments are closed.