Most Asean markets up, tracking Wall Street recovery


  • Markets
  • Tuesday, 22 Aug 2017

Asean markets to trail behind the East Asian markets

SINGAPORE: Most Southeast Asian stock markets rose on Tuesday, tracking broader Asian shares, as Wall Street recovered from two straight sessions of decline in the previous session though tensions between the United States and North Korea kept investors wary.
    
The Dow and the S&P 500 edged up, the Nasdaq closed flat, and Asian shares excluding Japan rose 0.6 percent.

"We saw modest gains on Wall Street yesterday. So, that inspired some buying momentum in Asian markets," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.

Investors began to turn their focus to the U.S. Federal Reserve's annual conference in Jackson Hole this week where Fed Chair Janet Yellen and European Central Bank President Mario Draghi are slated to speak.
    
In Singapore, shares rose as much as 0.9 percent, led by industrials and financials, after five straight sessions of fall.
    
Construction services provider Jardine Matheson Holdings rose as much as 2.3 percent, while United Overseas Bank gained up to 1.2 percent.
    
Indonesian shares rose as much as 0.4 percent, driven by material and consumer staples stocks, ahead of a central bank rate decision later in the day.
    
A Reuters poll showed that the central bank is expected to keep its benchmark interest rate unchanged despite sluggish private consumption that is denting economic growth
    
Malaysian shares rose slightly, helped by industrial and telecom stocks, with Telekom Malaysia rising as much as 2.4 percent and Westports Holdings gaining 1.1 percent.
    
Thai shares extended gains into a second day, led by financials and industrials. Siam Commercial Bank rose 1.4 percent, making it the biggest contributor to the main index.
    
Bucking the trend, Philippine shares fell as much as 0.5 percent, hurt by industrial and real estate stocks.

Megaworld Corp fell as much as 2 percent, while SM Prime Holdings was 1.3 percent lower.

The Philippine financial markets were closed on Monday for a public holiday.- Reuters
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