Southeast Asian stock markets broadly ended higher on Monday, with Philippines posting a record close buoyed by gains in industrials and financials. The Philippines index jumped 1.8 percent, ending the day at a record closing high, with San Miguel Corporation rising as much as 7.2 percent to 108.6 pesos, its highest in more than five months.
Philippine shares were also aided by window dressing ahead of the Association of Southeast Asian Nations Summit scheduled to start next week, said Joseph Roxas, President at Manila-based Eagle Equities. Philippines is a week away from hosting the ASEAN Summit starting Nov. 10, which is to be attended by top leaders from the Southeast Asian region, and possibly, U.S President Donald Trump, who is in the midst of a crucial tour of Asia.
Indonesian shares ended 0.2 percent higher even as data showed the country's economic growth in the third quarter grew slightly slower than expected. "The domestic markets had been expecting that GDP would remain subdued, owing to the fact that inflationary pressures are unseen," said Taye Shim, Head of Research at Mirae Asset Sekuritas, Indonesia.
"We have an absence of inflationary pressure. So, we believe that this low inflationary pressure is likely to prolong and this has been factored in and flagged by investors," Vietnam index rose 0.6 percent to its highest close in more than nine years, with consumer stock Vietnam Dairy Products JSC, up 1.8 percent, pushing up the index. Singapore stocks were marginally lower as losses in financials outweighed gains in industrials. The nation's largest lender DBS Group was the biggest drag on the index, closing 0.8 percent lower after reporting its lowest income in five years.
Comments
Comments are closed.