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Wednesday, September 18th, 2019

Most South-east Asia stocks firm, Indonesia slips after hitting record

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by January 19, 2018 General

Vietnam, the top year-to-date gainer in South-east Asia in percentage terms, rose more than 1 per cent, with gains across the board. — File picVietnam, the top year-to-date gainer in South-east Asia in percentage terms, rose more than 1 per cent, with gains across the board. — File picSINGAPORE, Jan 19 — Most South-east Asian stock markets firmed today and were on track to end the week higher as broader

Asian shares climbed to an all-time top on data that showed China’s growth accelerated in 2017 for the first time in seven years.

However, overnight losses on Wall Street and a potential US government shutdown stirred caution, putting a lid on gains in Asian shares.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 per cent to an all-time peak.

Vietnam, the top year-to-date gainer in South-east Asia in percentage terms, rose more than 1 per cent, with gains across the board.

Vincom Retail and Vietjet Aviation set records, climbing 4.9 per cent and 5.9 per cent, respectively.

Singapore shares rose 0.5 per cent and were on course to finish their fourth consecutive week higher.

Financials accounted for most of the gains, with top lenders United Overseas Bank Ltd, DBS Group and Oversea-Chinese Banking Corp posting gains in the range of 0.7 per cent and 1 per cent.

Philippine stocks also rose as much as 0.5 per cent, with banks and utilities leading the gainers, putting the index on track to end the week higher.

Bank of the Philippine Islands climbed 6 per cent to an all-time high, while BDO Unibank firmed 3.2 per cent.

Indonesian shares hit a record in early trading, but later retreated as much as 0.3 per cent, weighed down by financials and telecom stocks. However, the index was still on track to gain 1.4 per cent this week.

The index of the country’s 45 most liquid stocks fell as much as 0.6 per cent in the session. — Reuters

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