SE Asia stocks rise; Thailand hits record high
Wall Street last week and as expectations of higher corporate earnings buoyed sentiment, with Thailand hitting a record high.BENGALURU, Jan 8 — Most Southeast Asian stock markets rose today, mirroring gains on
Asian shares ex-Japan crept toward all-time peaks, with brisk economic growth and benign inflation adding to the risk appetite, while US stocks notched their best weekly gains in more than a year on Friday, as technology stocks helped lift major indexes to records.
In Southeast Asia, with earnings season coming around, there is positive expectation for first-quarter earnings, said Joel Ng, an analyst at KGI Securities in Singapore.
Thai shares rose as much as 0.7 per cent to hit a record high, and were on track for a fifth session of gains. Financials and industrial stocks gained, with Kasikornbank PCL up 1.2 per cent and Airports of Thailand PCL climbing 3.1 per cent.
Singapore climbed to its highest in nearly 32 months, driven by financial and industrial stocks. Real estate firm CapitaLand Ltd rose 1.9 per cent, while Jardine Strategic Holdings Ltd gained 0.8 per cent. The Malaysian index rose to its highest since May 2015, as energy stocks such as Petronas Gas Bhd climbed on firmer global oil prices.
Philippines extended gains into a fourth straight session, led by consumer cyclicals, with SM Investments Corp up 2.2 per cent. Vietnam, however, fell 0.1 per cent, dragged down by consumer staples and energy stocks. Index heavyweight Petrovietnam Gas Joint Stock Corp fell as much as 1.4 per cent.
A widespread crackdown on fraud and mismanagement in the energy and banking sectors has gathered pace in the country, with 22 executives put on trial over losses at the state oil firm today. — Reuters
Source: The Malay Mail Online