South-east Asia stocks rise, Singapore hits 30-month high
SINGAPORE, Nov 22 — South-east Asian stock markets rose today, riding the global positive sentiment, with Singapore hitting a 2-1/2-year high, while data showing better-than-expected exports in October underpinned Thai shares.
Broader Asian shares edged higher after Wall Street posted strong gains overnight, while a rise in oil prices also lent support.
Oil prices climbed after a reported fall in US crude inventories and on expectations that an Opec-led production cut aimed at tightening the market will be extended beyond next March.
Thai shares climbed 0.4 per cent, led by energy and material stocks, as monthly trade data beat expectations.
Thai exports, a key driver of the country’s growth, climbed 13.1 per cent in October from a year earlier, after rising 12.2 per cent in September, as global demand remained strong, commerce ministry data showed today.
The index was boosted by Siam Cement, which rose 1.2 per cent, while gas and petroleum producer PTT Pcl added nearly 1 per cent.
Singapore shares edged up 0.3 per cent to their highest since May 2015, buoyed by financial stocks, putting the index on track for its fourth straight session of gains.
The city-state’s top lenders such as DBS Group Holdings, OCBC and United Overseas Bank posted gains in the range of 0.6 per cent to 1.7 per cent.
The Malaysian index firmed 0.3 per cent ahead the October inflation data due later in the day.
Malaysia’s annual inflation rate for October likely moderated to 4.0 per cent from a year earlier after
increasing the previous two months, a Reuters poll showed, thanks to lower fuel prices.
Financial and consumer discretionary stocks led the gains, with Public Bank Bhd and Genting Bhd adding 0.2 per cent and 1.2 per cent, respectively.
Meanwhile, the Philippine market rose 0.5 per cent, led by real estate and industrial stocks.
Index heavyweights SM Investments Corp and Ayala Land Inc gained 1 per cent and 2.1 per cent, respectively.
Indonesian shares added 0.3 per cent, driven by financial and consumer discretionary stocks.
Astro International was up 2.4 per cent, while Bank Negara Indonesia added 2.2 per cent.
The index of the country’s 45 most liquid stocks was up 0.4 per cent. — Reuters
Source: The Malay Mail Online