Most South-east Asia stocks up, Singapore, Jakarta extend rally

Most South-east Asia stocks up, Singapore, Jakarta extend rally

SINGAPORE,. Most South-east Asian stock markets climbed today, with Singapore and Indonesia extending their rally, as US stocks gained overnight on hopes of strong corporate earnings, boosting positive sentiment across Asia.

Asian shares outside Japan climbed for a third straight session, as bank shares boosted Wall Street yesterday, although trade tensions between the United States and China continued to linger.

“Trade war risks were somewhat side-lined as US equities finished higher led by financials and industrial stocks on higher earnings expectations,” Mizuho Bank said in a note.

Wall Street’s big banks, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc, are scheduled to report results on Friday.

Singapore shares rose as much as 1.3 per cent, boosted by gains in financials such as DBS Group Holdings, which jumped 3 per cent, and Oversea-Chinese Banking Corp, which gained over 2 per cent.

Philippine stocks edged 0.2 per cent higher and were set to snap three sessions of losses, as telecom company PLDT Inc gained 1.9 per cent as its New York-listed depositary receipts rose nearly 1 per cent overnight.

The country’s trade deficit widened in May to a five-month high as exports fell while imports continued to grow at a slower annual pace, official data showed.

Malaysian stocks rose 0.5 per cent, with Telekom Malaysia Bhd up as much as 3 per cent, while maritime solutions provider MISC Bhd gained 2.7 per cent.

The Indonesian index rose as much as 1.4 per cent, building on the previous session’s 2 per cent gain. Astra International climbed 2.8 per cent, and Indiah Kiat Pulp & Paper rose 6 per cent.

Meanwhile, Thai shares shed 0.2 per cent, with industrials among top percentage losers. Airports of Thailand fell as much as 2.6 per cent.

— Reuters