SE Asia stocks rise; Malaysia extends gains

Among other Southeast Asian stock markets, Malaysia extended gains into a second session and hit its highest since September 19. Financials and trading services stocks were the top gainers. — Reuters picAmong other Southeast Asian stock markets, extended gains into a second session and hit its highest since September 19. Financials and trading services stocks were the top gainers. — Reuters picBENGALURU, Dec 28 — Southeast Asian stock markets rose today, with Indonesia hitting an all-time high and Malaysia scaling a three-and-a-half-month peak.

The Jakarta SE Composite Index climbed as much as 0.3 per cent before paring the gains.

The index, which had risen 18.5 per cent this year as of yesterday’s close, added 2.7 per cent in the previous three sessions of gains.

Financials led the rise today, while trade and consumer goods stocks were the top losers.



PT Bank Danamon Indonesia Tbk, the country’s fifth-largest lender, extended its sharp gains from the previous session after Japan’s Mitsubishi UFJ Financial Group said on Tuesday it would buy a majority stake in the bank.

It rose as much as 6.6 per cent to its highest in more than 17 years after yesterday’s more than 14 per cent gain.

Bank Mandiri Tbk PT slipped as much as 1.6 per cent, while Bank Dinar Indonesia Tbk PT dropped more than 9 per cent.

Asian shares also rose, to a one-month high, and were on track for their best annual performance since 2009, while commodity-driven currencies were buoyed by a strong copper, which held near a four-year peak.

Among other Southeast Asian stock markets, Malaysia extended gains into a second session and hit its highest since September 19. Financials and trading services stocks were the top gainers.

Tenaga Nasional Bhd and Bhd rose over 1 per cent each. Thai shares were little changed after four straight sessions of gains.

The country’s manufacturing production index in November rose 4.23 per cent from a year earlier, the Industry Ministry said.

The median forecast in a Reuters poll was for a 1.90 per cent rise. Philippine shares were up for a fourth consecutive session, with gains seen across most sectors.



Ayala Land and BDO Unibank were among the top performers, each climbing nearly 1 per cent. shares advanced for a fifth session with Vinacafe Bien Hoa JSC rising as much as 6.7 per cent to a record high and Hanoi Beer Alcohol and Beverage JSC climbing over 4 per cent.

Rice exports from the world’s third-largest shipper of the grain were forecast to rise 21.9 per cent to 5.9 million tonnes in 2017, the government said yesterday. shares edged up with gains seen across all sectors.

The city-state’s big three banks, DBS Holdings United Overseas Bank Ltd and Oversea- Corp, gained in a range of 0.2 per cent to 0.5 per cent.  — Reuters

Source: The Malay Mail Online






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