SE Asia Stocks-Rise on Wall Street cues; Vietnam outperforms
Thursday, March 23,2017AsemconnectVietnam - Southeast Asian stock markets rose in line with Asian peers on Thursday, reversing the previous session's losses on cues from Wall Street which ended mixed overnight with an upside bias.
The Nasdaq .IXIC gained 0.5 percent and the S&P 500 .SPX closed 0.2 percent higher, while the Dow Jones Industrial Average .DJI was flat, after all three touched their lowest in about five weeks earlier in the session.
"Since there is not much actionable news coming from Asia, I think the markets are just taking cues from U.S. equities which rebounded last night after a four-day losing streak," said Victor Felix, an equity analyst with AB Capital Securities.
Meanwhile, the market focus remained on whether U.S. President Donald Trump can gather enough support at a vote later in the day to pass a bill to repeal the 2010 Affordable Care Act, former President Barack Obama's signature healthcare legislation.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose as much as 0.4 percent.
Vietnam shares .VNI rose 0.6 percent, outperforming other markets in the region, helped by gains in consumer staples and financials.
Hoang Anh Gia Lai Agricultural Joint Stock Co HNG.HM climbed 6.4 percent, while Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) STB.HM rose 2.3 percent.
Philippine shares .PSI climbed 0.4 percent with industrial stocks accounting for more than half the gains.
The Philippine central bank is unlikely to pull the rate-hike trigger at its policy meeting due later in the day, but may signal its readiness to act soon to keep accelerating inflation in check.
"I think they won't be (increasing the rates)… It is going to be a non-event and looks like the market has priced this in already."
Indonesia .JKSE rose 0.5 percent, led by financials, while Malaysia .KLSE and Thailand .SETI climbed 0.2 percent each.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0427 GMT
Market |
Current |
Previous Close |
Pct Move |
Singapore |
3119.27 |
3118.19 |
0.03 |
Bangkok |
1570.04 |
1566.66 |
0.22 |
Manila |
7285.14 |
7254.93 |
0.42 |
Jakarta |
5562.977 |
5534.093 |
0.52 |
Kuala Lumpur |
1751.15 |
1748.3 |
0.16 |
Ho Chi Minh |
717.01 |
712.94 |
0.57 |
Change on year
|
|
Current |
End 2016 |
Pct Move |
Singapore |
3119.27 |
2880.76 |
8.28 |
Bangkok |
1570.04 |
1542.94 |
1.76 |
Manila |
7285.14 |
6840.64 |
6.5 |
Jakarta |
5562.977 |
5296.711 |
5.03 |
Kuala Lumpur |
1751.15 |
1641.73 |
6.66 |
Ho Chi Minh |
717.01 |
664.87 |
7.8 |
Source: Reuters.com
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