Thai shares gained on Friday, led by gains in Shin Corp and Minor International that will be added to the MSCI index, but Singapore retreated as Singapore Airlines fell after posting weak results. The Thai SET index ended up 0.62 percent at 1,627.96 as shares in telecom group Shin Corp and hotel firm Minor International both rose more than 7 percent.
Maybank Kim Eng Securities said in a report it expected Shin Corp shares to outperform the market for the rest of the year after it is added to the MSCI Global Standard, and foreign investors will likely accumulate more Shin Corp shares. MSCI announced the results of its index review on May 15, with the changes to be implemented after the close on May 31. Indonesia stocks closed 1.32 percent higher at 5,145.68, boosted by the consumer sector, which was up 5.22 percent. State-owned pharmaceutical companies Indofarma and Kimia Farma rose 11.5 percent and 7.4 percent, respectively.
Profit-taking weighed on markets across the region, with the Philippines main index down 0.42 percent at 7,279.87. Shares in conglomerate Metro Pacific Investments Corp dropped 0.49 percent, reversing Thursday's 2.3 percent gain after the company announced its inclusion in the MSCI Global Standard Indices, with effect from May 31.
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