A Investment Management said despite the volatility in the markets and concerns over the trade wars,
BENGALURU: Indonesian stocks surged more than 1 percent to close at an 11-month high on Wednesday, after the country posted a faster-than- expected GDP growth in the fourth quarter of 2018, while Philippines index erased early gains to end lower.
Indonesia's gross domestic product (GDP) in the final quarter of 2018 expanded 5.18 percent from a year earlier, compared with 5.11 percent forecast in a Reuters poll, while for the year the economy grew 5.17 percent, marking its best in five years.
The country's benchmark index ended 1.02 pct higher, its highest level since March 5, 2018.
Telecom and material stocks were the biggest boost to the index, with Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT and Unilever Indonesia Tbk PT rising 2.1 percent and 2 percent, respectively.
Meanwhile, Philippine index reversed course and slipped from 10-and-a-half-month high hit earlier in the session to close marginally lower.
Industrial stocks dragged the index, with SM Investment Corp and JG Summit Holdings Inc slipping 1.7 percent and 3.7 percent, respectively.
"I would say it (the reason for the fall) is profit taking for the lack of any news to suggest otherwise," said Charles William Ang, associate analyst at COL financial. He added that
good inflation rates had pushed the index earlier in the day.
The country's inflation had eased in the month of January, supporting views that the central bank would leave interest rates on hold on at its meeting on Thursday.
Thai index rose 0.3 percent bouyed by financial and material stocks. The country's central bank held benchmark interest rates steady, pausing after its December rate hike.
The Bank of Thailand's monetary policy committee voted 4-2 to hold its one-day repurchase rate at 1.75 percent to support Southeast Asia's second-largest economy, which is
projected to continue to gain traction though external demand might slow.
Shares of Siam Commercial Bank PCL rose 1.9 percent while those of Siam Cement PCL firmed 1.3 percent.
Malaysia, Vietnam and Singapore stock markets were closed for Lunar New Year holidays. - Reuters
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