Thai shares hit a 16-1/2 years closing high on Friday, racking up gains for a sixth straight month, as institutional investors bought big caps while most other Southeast Asian stock markets edged up on positive global market sentiment. The Thai SET index ended at 1,324.04, the highest close since May 1996, posting a 1.8 percent gain for the month, helped by buying from domestic institutions for retirement mutual funds (RMF) and long-term equity funds (LTF) with offer tax breaks.
PTT Pcl and subsidiary PTT Exploration and Production Pcl (PTTEP), making a combined 13 percent of the index, climbed 0.6 percent and 3.3 percent, respectively. PTTEP's capital raising, announced earlier on the day, eased concerns about the success of the plan, removing a key overhang on the company.
Singapore's Straits Times Index finished near an eight-week high of 3,069.95, rising 1 percent on the month. Malaysia rose for a third session, up 0.2 percent on the day, but was down 3.7 percent on the month, the region's worst. Bucking the trend, Indonesia fell to a near eight-week-low, down 1.7 percent on the month. Among losers, plantation stock PT Astra Agro Lestari Tbk dropped 3 percent amid concerns about rising wage costs. The Philippine stock market was shut on Friday. It was up 4 percent on the month, the region's best performer.
Comments
Comments are closed.