(July 9): Most Southeast Asian stock markets closed higher on Monday, with Indonesia rising 2%, as broader Asian shares rallied after weeks of losses amid worries over a trade war between the United States and China.
Asian shares also took heart from favourable US jobs data that underscored the economy's strength, and China's efforts to attract more foreign capital and cushion its economy following the implementation of US tariffs on Chinese imports last week.
"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, an analyst with Asiasec Equities Inc.
China's securities regulator said on Sunday it plans to ease restrictions on foreign investment in stocks listed on the Shanghai or Shenzhen exchanges.
The Shanghai Composite Index ended 2.5% higher, its biggest one-day rise since May 2016, while the blue-chip CSI300 Index finished up 2.8%, its best since August 2016.
In Southeast Asia, Indonesian shares jumped to a near two-week closing high, boosted by financials. Bank Central Asia soared 4.7%.
Singapore shares climbed 1.2%, boosted by financials. DBS Group Holdings rose 1.4%, while United Overseas Bank Ltd gained 1%.
Thai shares closed 0.5% higher, extending gains into a second session.
PTT Public Company ended 1.6% and PTT Exploration and Production jumped over 3% as global oil prices rose on potentially tight market conditions.
Malaysian shares climbed 0.5% with telecommunication services provider Axiata Group ending 5.7% higher.
Meanwhile, Philippine shares ended flat with losses in consumer stocks offseting gains in financials and industrials.
SM Investment rose 1.3%, while Metropolitan Bank & Trust Co fell to its lowest close in one-and-a-half years.
Vietnam shares erased early gains to closed 0.3% lower.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
|Market||Current||Previous close||% move|
|Ho Chi Minh||915.12||917.51||-0.26|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||915.12||984.24||-7.02|