SE Asia stocks rise as risk appetite recovers

  • WRITER: REUTERS

Most Southeast Asian stock markets rose on Thursday following a recovery in global markets after US President Donald Trump forged a surprising deal with Democrats to extend the debt limit, erasing fears of a government shutdown.

Investors looked beyond the lingering tensions surrounding North Korea that had dampened sentiment this week, as Trump embraced his political adversaries to extend the debt limit and provide government funding until Dec 15.

Investors will follow global cues until they find "some really big developments" arising out of Southeast Asia, said Taye Shim, head of research at Mirae Asset Sekuritas.

Malaysian shares closed 0.6% higher after the central bank left the overnight policy rate unchanged as expected, as it sees the economy remaining on a solid growth track while inflation moderates.

Financials accounted for most of the gains with CIMB Group Holdings rising 2.4% and Tenaga Nasional climbing 1.1%.

Philippine stocks rose 0.5%, while Indonesian shares edged up. 

Vietnam shares rose 0.4% to their highest close since February 2008 with Saigon Beer Alcohol Beverage Corp gaining 3.1% to its highest ever close.

Singapore shares ended slightly lower.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

5,832.31

5,824.13

+0.14

Malaysia       

1,782.98

1,772.48

+0.59

Philippines                 

8,022.98

7,983.97

+0.49

Singapore                 

3,228.06

3,232.47

-0.14

Vietnam        

796.72

793.55

+0.40


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