Thursday 25 Apr 2024
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(April 10): Southeast Asian stocks traded cautiously on Monday with rising geopolitical worries souring investor sentiment, but the Phillipines eked out gains led by financial and real estate stocks.

Broader Asian stocks slipped, with MSCI's broadest index of Asia-Pacific shares outside Japan falling for a third session.    

"There is a bit of risk-off sentiment after last week's US air strike in Syria and the news saying that the US military is sending an aircraft carrier group near the Korean peninsula," said Victor Felix, an equity analyst with AB Capital Securities.

After the United States launched missile strikes on a Syrian air base alleged to have launched a deadly poison gas attack on Syrian civilians, Secretary of State Rex Tillerson warned that the strikes were a warning to other nations, including North Korea.

A US Navy strike group will be moving toward the western Pacific Ocean near the Korean peninsula as a show of force, a US official told Reuters on Saturday, as concerns grow about North Korea's advancing weapons programme.

Phillipine shares closed 0.5% higher with foreign investors buying stocks worth a net 466.7 million pesos.

"We were really expecting the market to trade more inactively given the long holidays. Somehow, there continues to be some buying from investors given the recent spate of positive news reflecting the fundamentals of the market," said Astro del Castillo, managing director of First Grade Finance.

GT Capital Holdings rose 4.4%, while SM Prime Holdings finished 1.3% higher.

Indonesian shares closed slightly down, with index of the region's 45 most liquid stocks closing 0.3% lower.

Financials were the biggest losers, with Bank Mandiri (Persero) Tbk Pt shedding 1.2%.

Thailand and Malaysia declined marginally, while Vietnam closed 0.3% higher.

SOUTHEAST ASIAN STOCK MARKETS
Change on day

Market             Current        Prev close    % move
Singapore          3181.45        3177.27       0.13
Bangkok            1581.19        1583.53       -0.15
Manila             7617.91        7583.75       0.45
Jakarta            5644.299       5653.486      -0.16
Kuala Lumpur       1739.52        1741.72       -0.13
Ho Chi Minh        729.87         727.95        0.26

Change on year

Market             Current        End 2016      % move
Singapore          3181.45        2880.76       10.44
Bangkok            1581.19        1542.94       2.48
Manila             7617.91        6840.64       11.4
Jakarta            5644.299       5296.711      6.56
Kuala Lumpur       1739.52        1641.73       5.96
Ho Chi Minh        729.87         664.87        9.8

 

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