SINGAPORE shares climbed to a one-week high on Thursday as lenders rallied after Oversea-Chinese Banking Corp posted a record quarterly profit, while other markets in the region were subdued.
Singapore shares ended 1.4 percent higher after lender OCBC reported a 12 percent rise in quarterly profit, helped by higher net interest income and a decline in allowances for bad debts.
Shares of OCBC closed 3.8 percent higher while rival DBS Group Holdings Ltd, the largest lender in Southeast Asia, rose 2.1 percent to a one-week high. DBS Group will report its results next week.
However, escalating trade war woes between Washington and Beijing weakened factory activity and export orders across Asian countries. Manufacturing surveys showed contraction in factory activity in Malaysia as conditions for exporters and factories were deteriorating.
Malaysian shares declined 0.1 percent, snapping a three-day gaining streak.
Malaysia’s biggest lender by market value, Malayan Banking Bhd
, lost 1 percent and Hong Leong Bank Bhd slumped to a more than one-week low.
Indonesian shares ended marginally up after data showed the country’s annual inflation rate accelerated to 3.06 percent in October, faster than September’s 2.88 percent, but remained within the central bank’s comfort range.
However, the country’s central bank said it will inject liquidity at any sign of problem in the banking sector as loan growth accelerates.
Bank Mandiri (Persero) Tbk PT ended the session 5.5 percent higher while consumer goods maker Unilever Indonesia Tbk PT shed 2.4 percent.
Thai shares closed flat after losses in energy stocks offset gains in most other sectors.
Petroleum and gas company PTT Pcl lost 2.9 percent, snapping a three-day winning streak as oil prices fell.
Data released earlier in the day showed Thailand’s annual headline consumer price index rose 1.23 percent in October, slightly below analysts’ forecast.
Vietnam shares ended 0.7 percent lower while the Philippine market was closed for a public holiday. - Reuters
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