Most recover on positive US economic data

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(Sept 3): Southeast Asian stock markets, barring Vietnam, recovered from recent lows on Thursday on cautious buying following positive US economic data and overnight gains on Wall Street, but concern over slowing growth in China dented sentiment.

Singapore closed 1% higher after posting a one-week closing low on Wednesday, Malaysia rose 0.8%, and Indonesia's Jakarta Composite Index recovered from a one-week low hit in the previous session to close 0.7% higher.

Thailand ended up 0.8% to its highest closing level since Aug 17, while the Philippine index gained 0.4%.

Malaysia saw $48.09 million in net foreign fund outflow, while Indonesia and the Philippines witnessed $21.23 million and $19.29 million in net selling by foreign investors. Thailand also saw net foreign outflow of $45.95 million.

On Wednesday, US payrolls processor ADP reported that private payrolls increased 190,000 last month. While that was below economists' expectations for a gain of 201,000 jobs, it was a step up from the 177,000 positions created in July.

The US Federal Reserve said on Wednesday labour markets were tight enough to fuel small wage gains in some professions in recent weeks, though some companies already were feeling the chill from an economic slowdown in China.

Chinese markets were closed for a holiday, which also calmed the markets.

Bucking the trend, Vietnam's benchmark VN Index closed down 1.4%, the third fall this week, dragged down by losses in banking and energy sector stocks, due in part to lower global oil prices.

SOUTHEAST ASIAN STOCK MARKETS

Change on day
Market Current Prev Close % Move
Singapore 2906.43 2878.13 +0.98
Kuala Lumpur 1602.75 1590.19 +0.79
Bangkok 1383.48 1372.45 +0.80
Jakarta 4433.11 4401.29 +0.72
Manila 7098.76 7072.46 +0.37
Ho Chi Minh 554.30 562.31 -1.42

 

Change on year
Market Current End 2014 % Move
Singapore 2906.43 3365.15 -13.63
Kuala Lumpur 1602.75 1761.25 -9.00
Bangkok 1383.48 1497.67 -7.62
Jakarta 4433.11 5226.95 -15.19
Manila 7098.76 7230.57 -1.82
Ho Chi Minh 554.30 545.63 +1.59

($1 = 14,110.0000 rupiah)
($1 = 4.2160 ringgit)
($1 = 46.6900 Philippine pesos)
($1 = 35.8700 baht)