SE Asia stocks end higher as N. Korea holds fire

A man looks at share prices on an electronic board at Asia Plus Securities in February 2017. (Photo by Pornprom Satrabhaya)

Most Southeast Asian stock markets ended higher on Monday on relief that North Korea did not conduct further missile tests when it celebrated its founding anniversary on Saturday.

The United States and its allies had been bracing for another long-range missile launch following multiple such launches in recent weeks that heightened tensions globally. "With North Korea seemingly holding back on its ICBM test for now, there is a small degree of risk relief in the market, resulting in the paring of long positions in safe havens," Mizuho Bank said in a note.

In Southeast Asia, Vietnam shares hit a 9½-year peak before reversing their course to finish 0.5% lower, snapping a seven-session winning streak. Real estate company Vingroup JSC and oil and gas refiner Petrovietnam Gas Joint Stock Corp were the main losers, shedding 2.6% and 1.9%, respectively. 

Philippine shares closed 0.3% higher after hitting a more than three-week intraday high earlier. Index heavyweight SM Investments led the gains, rising 1.3%.

Malaysian shares ended slightly higher after data showed industrial production in July expanded at its fastest pace in eight months, boosted by gains in all three major sectors - manufacturing, electricity and mining. Meanwhile, the country's palm oil stockpiles climbed again in August, but did not breach the 2 million tonne mark due to stronger-than-expected exports of the commodity.

Indonesian shares rose 0.3% to post their highest close since Aug 30. Astra International Tbk PT rose 1%, while property developer Metropolitan Kentjana Tbk PT climbed 10.2% to a record close. An index of Indonesia's 45 most liquid stocks rose 0.1%.

Thai shares closed slightly higher, extending gains into an eighth session and posting their highest close since May 2013. Airports of Thailand PCL was the biggest boost, climbing 2.7% to a record close.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

5,871.88

5,857.11

+0.25

Malaysia       

1,782.74

1,779.90

+0.16

Philippines                 

8,049.31

8,022.75

+0.33

Singapore                 

3,228.51

3,228.56

0.00

Vietnam        

797.47

801.20

-0.47

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