Most gain on global cues; S'pore, Indonesia extend rally

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BENGALURU (July 10): Most Southeast Asian stock markets climbed on Tuesday, with Singapore and Indonesia extending their rally, as U.S. stocks  gained overnight on hopes of strong corporate earnings, boosting positive sentiment across Asia.

Asian shares outside Japan climbed for a third straight session, as bank shares boosted Wall Street on Monday, although trade tensions between the United States and China continued to linger.

"Trade war risks were somewhat side-lined as U.S. equities finished higher led by financials and industrial stocks on higher earnings expectations", Mizuho Bank said in a note.

Wall Street's big banks, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc, are scheduled to report results on Friday.

Singapore shares rose as much as 1.3%, boosted by gains in financials such as DBS Group Holdings which jumped 3%, and Oversea-Chinese Banking Corp which gained over 2%.

Philippine stocks edged 0.2% higher and were set to snap three sessions of losses, as telecom company PLDT Inc gained 1.9%, as its New York-listed depositary receipts rose nearly 1% overnight.

The country's trade deficit widened in May to a five-month high, as exports fell while imports continued to grow at a slower annual pace, official data showed.

Malaysian stocks rose 0.5%, with Telekom Malaysia Bhd up as much as 3%, while maritime solutions provider MISC Bhd gained 2.7%.

The Indonesian index rose as much as 1.4%, building on the previous session's 2% gain. Astra International climbed 2.8%, and Indiah Kiat Pulp & Paper rose 6%.

Meanwhile, Thai shares shed 0.2%, with industrials among top percentage losers. Airports of Thailand fell as much as 2.6%.

Market Current Previous close Pct Move
Singapore 3272.34 3228.82 1.35
Bangkok 1622.34 1622.96 -0.04
Manila 7196.46 7186.62 0.14
Jakarta 5862.935 5807.375 0.96
Kuala Lumpur 1680.25 1672.63 0.46
Ho Chi Minh 919.73 915.12 0.50

Change on year

Market Current End 2017 Pct Move
Singapore 3272.34 3402.92 -3.84
Bangkok 1622.34 1753.71 -7.49
Manila 7196.46 8558.42 -15.91
Jakarta 5862.935 6355.654 -7.75
Kuala Lumpur 1680.25 1796.81 -6.49
Ho Chi Minh 919.73 984.24 -6.55