BENGALURU (July 25): Most Southeast Asian stock markets rose on Wednesday tracking strong broader Asia, with Singapore shares gaining more than 1% led by financials.
Asian shares ex-Japan rose for a second straight session boosted by an upbeat Wall Street overnight and on hopes that Chinese government spending would spur growth.
Singapore shares extended their upward run into a second session and ended 1% higher led by blue chips Oversea-Chinese Banking Corp, United Overseas Bank and DBS Group Holdings.
The Philippine index gained 0.9% and marked its highest close in over a month after the International Monetary Fund said the country is likely to sustain economic growth at 6.7% this year and in 2019, pushed by strong consumption and investment.
Financial shares accounted for more than half of the gains on the index, with Metro Pacific Investments Corp and BDO Unibank each rising by over 4% ahead of earnings.
"Expectations for the banking sector will be stronger in the second quarter following the recent 50 basis points rate hike of the Philippine Central Bank," said Maybank Kim Eng analyst Katherine Tan.
Thai shares followed suite and closed nearly 1% higher with all sectors ending in the positive zone.
Energy and consumer staples were the top gainers on the benchmark, with top contributor PTT PCL rising on higher oil prices.
Indonesian shares ended marginally higher, with gains in energy outweighing losses in telecommunication stocks.
Astra International Tbk PT and United Tractors TBK PT rose 3.4% and 5.1% respectively, and were among the biggest contributors to the benchmark.
Vietnam shares fell 0.7%.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
|Market||Current||Previous close||% move|
|Ho Chi Minh||927.58||934.08||-0.70|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||927.58||984.24||-5.76|