Southeast Asian stock markets rose on Thursday as hopes of a delay in Fed rate hike brought foreign inflows to the region, bringing the Thai index to a more than two-month high and helping most other regional indexes recoup some recent losses. The SET index rose 1.4 percent to 1,425.32, its highest close since August 7. Shares of banks outperformed, led by Bank of Ayudhya, ahead of quarterly results next week.
Foreign investors bought shares worth a net 918 million baht ($26.1 million) after selling offs on Wednesday and Tuesday. Shares in the Philippines recovered from a near two-week closing low on Wednesday. Indonesia and Malaysia both finished higher on resuming trade after a market holiday on the day before.
Stock exchange data showed foreigners purchased Philippine shares a net 68.1 million peso ($1.49 million) and bought Malaysian shares worth a net 48.25 million ringgit ($11.71 million). Singapore rose 1 percent, recouping some of the losses over the past two trading sessions. Vietnam closed 0.41 percent higher, led by banks and energy firms with impact of a government disinvestment plan still visible. Global equity markets slid for a second day and the dollar sank to a seven-week low on Wednesday as weak US retail sales and a drop in producer prices boosted expectations the Federal Reserve will not raise interest rates until next year.
Comments
Comments are closed.