Singapore stocks hit over two-year high, Indonesia extends gain
SINGAPORE, Nov 1 — Singapore shares hit their highest in more than two years today with financials driving the rise, while Indonesia extended gains into a second session on stronger crude oil prices and foreign fund inflows.
Singapore’s FTSE Straits Times Index rose as much as 0.6 per cent to its highest since late May 2015.
DBS Group, the city-state’s top lender, was the biggest boost with a jump of 1.2 per cent, while oil-rig builder Keppel Corp rose as much as 2 per cent to its highest in over two years.
Brent crude prices were near two-year highs as Opec has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.
Indonesia’s Jakarta IDX Composite Index rose as much as 0.4 per cent with energy and financial stocks leading the gains.
“We expect market to trend higher on the first trading day of November, supported by foreign net buying and steady price uptick of crude oil,” said Taye Shim of Jakarta-based Mirae Asset Sekuritas.
Perusahaan Gas Negara (Persero) rose as much as 2.7 per cent, while Bank Central Asia, the country’s largest lender, climbed up to 1.4 per cent.
Thai shares fell as much as 0.2 per cent before recovering to trade marginally higher.
Siam Cement was the biggest drag, shedding as much as 1.2 per cent, ahead of its quarterly results later in the day, while Airports of Thailand fell 1.3 per cent.
Thailand’s annual main consumer price index rose for a fourth straight month in October, slightly higher than forecasts, but the rate was still below the central bank’s target, giving it room to keep monetary policy accommodative.
Malaysian shares fell 0.2 per cent, weighed down by utilities and telecom stocks.
Power generator Tenaga Nasional was the biggest drag with a drop of 0.8 per cent.
The Philippine market remained closed today for a public holiday. — Reuters
Source: The Malay Mail Online