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%.
SOUTHEAST ASIAN STOCK MARKETS AS AT 0440 GMT
|Market||Current||Previous close||Pct Move|
|Ho Chi Minh||919.73||915.12||0.50|
Change on year
|Market||Current||End 2017||Pct Move|
|Ho Chi Minh||919.73||984.24||-6.55|