By Ambar Warrick
July 19 (Reuters) – Most Southeast Asian stock markets rose
on Wednesday, in line with Asia, as investors shrugged off
concerns about an immediate interest rate hike by the U.S.
Federal Reserve and turmoils at the White House to focus on
upcoming corporate results.
Asian shares rose as optimism on China’s economy underpinned
stocks and commodities, and as investors bet any further
tightening in the United States would be slow at best.
U.S. President Donald Trump’s ability to pass promised tax
cuts and infrastructure spending took a hit after the collapse
of the Republicans’ push to overhaul healthcare, dealing a blow
to the dollar, which stayed near multi-month lows hit on
“Investors are positioning themselves for second-quarter
earnings due next week,” said Manny Cruz, an analyst with
Manila-based Asiasec Equities Inc.
The recent uptrend in regional stock markets points to a
better earnings season, he said.
In Southeast Asia, the Philippine index rose for a
third consecutive session, led by industrials and real estate
Property developer SM Prime Holdings Inc hit a
one-month high, while SM investments rose as much as 0.8
“The (Philippine) President (Rodrigo Duterte) is expected to
divulge some information about further expansion in the economy
in his State of the Nation address next week, which has inspired
some regional buying from foreign and local fronts,” Cruz said.
Malaysian shares rose to a near two-week high, as
financials gained. CIMB Group posted its biggest
intraday percentage increase in about six weeks.
Malaysian consumer prices in June likely rose
3.9 percent from a year earlier, a Reuters poll showed.
Singapore extended gains into a fifth session, as
real estate and financial stocks rose.
DBS Group hit a 17-1/2-year high as the bank
announced its first green bond issuance.
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SOUTHEAST ASIAN STOCK MARKETS: Change as at 0321 GMT
Change on day
Market Current previous Pct Move
Singapore 3312.13 3306.08 0.18
Bangkok 1573.88 1571.52 0.15
Manila 7991.03 7952.92 0.48
Jakarta 5815.945 5822.352 -0.11
Kuala Lumpur 1759.83 1754.92 0.28
Ho Chi Minh 770.28 767.49 0.36
Change so far in 2017
Market Current End 2016 Pct Move
Singapore 3312.13 2880.76 14.97
Bangkok 1573.88 1542.94 2.01
Manila 7991.03 6840.64 16.82
Jakarta 5815.945 5296.711 9.80
Kuala Lumpur 1759.83 1641.73 7.19
Ho Chi Minh 770.28 664.87 15.85
(Reporting by Ambar Warrick in Bengaluru; Editing by Biju