(July 9): Most Southeast Asian stock markets rose on Monday, with Singapore bouncing back from a 14-month low, as broader Asian shares rallied after a week of losses stemming from worries over a trade war between the United States and China.
Asian shares also took heart from favourable jobs data out of the United States that underscored the economy's strength, and China's efforts to attract more foreign capital and support its economy, after U.S. tariffs on Chinese imports came into effect on Friday.
"Lately, we've seen some recovery in the Chinese market, given the fact that it has lost substantially over the past few weeks. This has also boosted sentiment in the regional markets", said Manny Cruz, analyst at Asiasec Equities Inc.
China's securities regulator said on Sunday that it plans to ease restrictions on foreign investment in stocks listed on the Shanghai or Shenzhen exchanges.
The country's benchmark CSI300 index rose 2% on Monday.
Singapore shares climbed as much as 1%, clocking their biggest intraday percentage gain in one month, with financials such as DBS Group Holdings and
Oversea-Chinese Banking Corp Ltd both rising over 1.3%.
Indonesian shares rose 1.3%, with lender PT Bank Central Asia gaining 3%, while telecom operator PT Telekomunikasi Indonesia touched its highest in three months.
The index of the country's 45 most liquid stocks climbed 1.4%.
Thai shares were up as much as 0.8%, buoyed mainly by energy stocks, as oil prices climbed.
Global oil prices rose as investors focused on tight market conditions, after data late last week showed U.S. crude inventories fell to their lowest in more than three years.
PTT Public Company climbed as much as 2.2%, and PTT Exploration and Production jumped more than 3%.
Meanwhile, the Philippine index erased early gains to fall 0.3%, and was set to fall for a third session.
Real estate company SM Prime Holdings fell 1.4%.
SOUTHEAST ASIAN STOCK MARKETS AS AT 0429 GMT
Change on the day
|Market||Current||Previous close||Pct Move|
|Ho Chi Minh||927.83||917.51||1.12|
Change on year
|Market||Current||End 2017||Pct Move|
|Ho Chi Minh||927.83||984.24||-5.73|