Asian markets up midday after Wall Street bounced back

  • Markets
  • Monday, 12 Feb 2018

SINGAPORE: Most Southeast Asian stocks rose on Monday as Wall Street's recovery in the last session instilled some confidence into Asian markets. 

Wall Street's main stock indexes climbed more than 1 percent on Friday, giving investors some solace after a week of major swings that shook the market out of months of calm. 

E-Mini futures for the S&P 500 rose 0.5 percent, while MSCI's broadest index of Asia-Pacific shares outside Japan climbed about 1 percent, having suffered a 7.3 percent drop last week. 

Vietnam shares, which last week shed as much as 9.2 percent or more than a 100 points, rebounded as much as 1.5 percent. 

Financial and real estate stocks led the gains, with Vietnam Joint Stock Commercial Bank for Industry and Trade gaining as much as over 6 percent. 

Singapore stocks climbed as much as 0.4 percent on gains in financials, consumer staples, and industrials. 

DBS Group Holdings Ltd rose nearly 2 percent to an over two-week high, while Thai Beverage PCL posted the steepest gain in nearly two months. 

Malaysian shares climbed as much as 0.8 percent, led by financials and telecoms. Financial services provider CIMB Group Holdings Bhd rose as much as 1.6 percent, while Axiata Group Bhd firmed nearly 3 percent, its biggest gain in over five weeks. 

Thai shares edged 0.5 percent higher on broad-based gains, with real estate firm AQ Estate Pcl soaring over 33 percent. 

Meanwhile, Philippine shares slid as much as 0.6 percent, on track for a third straight session of losses, as industrials and consumer discretionary stocks weighed. 

SM Investments Corp slipped as much as 1.6 percent, making it the biggest drag on the main index. - Reuters