Most Southeast Asian stock markets closed higher on Monday with Indonesia rising to a two-week high amid easing political worries, but investors remained attentive to developments in
the US-China tariff war.
With no leads from Wall Street due to a public holiday, trading volumes across the six markets were below their 30-day averages as investors awaited any new trade-related commentary.
US President Donald Trump is on a four-day trip to Japan, where he called on his Japanese counterpart to even out a trade imbalance.
"With Trump in the far east, dealers await cues on trade war," ING wrote in a note.
Indonesian shares closed 0.7% higher, extending gains into a third session. Bank Central Asia TBK PT was the biggest boost with a gain of 1.3%.
After clashes broke out in the capital city of Jakarta last week following protests against the victory of President Joko Widodo in last month's election, authorities over the week removed temporary social media restrictions.
Thai shares advanced 0.7% as a pro-army party hopes to seal a deal on Monday to end opposition hopes of keeping the military out of politics.
Energy stocks accounted for most of the gains with heavyweight PTT Pcl rising 1.1%.
Philippine shares closed 0.3% lower, dragged by telecom heavyweight PLDT Inc, which fell 5%.
Singapore shares closed flat after declining 0.4% in intraday trade, but still hovered near two-month lows.
The city-state remained on track for its worst monthly drop since October last year.
Falls in Hutchison Port Holdings Trust were partly offset by gains in Jardine Strategic Holdings.
Malaysian shares closed 0.2% higher, while Vietnam stocks rose 0.5%.
Comments
Comments are closed.