(July 10): Most Southeast Asian stock markets extended gains on Tuesday, after hopes of upbeat earnings helped Wall Street post solid gains overnight, fanning optimism through broader Asia.
"We are pretty much having a relief rally, after the trade tariffs were implemented last week. I think we are seeing some short-covering or portfolio re-positioning, as investors prepare for the upcoming slew of results announcements," said Liu Jinshu, director of research at NRA Capital in Singapore.
"As macroeconomic data has been robust, such as the U.S. Manufacturing PMI, there is the potential of earnings being generally better in 2Q 2018."
Asian shares outside Japan climbed before reversing course, as anxieties about the Sino-U.S. trade war recast their long shadow over investor sentiment.
Singapore shares rose 1.4%, extending gains into a second session and posting their two-week closing high.
Bankers DBS Group Holdings climbed 2.3% and Oversea-Chinese Banking Corp rose 2.2%.
Indonesian shares climbed for a second straight session and closed 1.3% higher, helped by material stocks. Paper products maker Indah Kiat Pulp was up 6.1%, while Unilever Indonesia ended 1.6% higher.
Philippine shares added 0.7%, boosted by financials. Bank of the Philippine Islands and Ayala Corp rose 2.3% and 2% respectively.
Meanwhile, data showed trade deficit widened in May to a five-month high as exports fell, while imports continued to grow at a slower annual pace.
Thailand shares rose for a third straight session and closed 1.3% higher, with energy stocks at the helm.
Gas supplier PTT Public Co Ltd gained 3.7%, boosted by higher oil prices on escalating concerns about potential supply shortages.
Malaysian shares ended 0.9% higher. Sime Darby Bhd and telecommunication company Maxis Bhd gained about 2.5% each.
Vietnam shares slipped for a second consecutive session, dragged by real estate stocks. Vingroup Joint Stock Co shed 1.9%.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
|Market||Current||Previous close||Pct Move|
|Ho Chi Minh||911.12||915.12||-0.44|
Change on year
|Market||Current||End 2017||Pct Move|
|Ho Chi Minh||911.12||984.24||-7.43|