Singapore share leads Southeast Asian gains

Published: January 25, 2019 12:51:20 | Updated: January 28, 2019 10:24:04

File Photo (Reuters)

Southeast Asian shares rose on Friday, with Singapore leading the gains buoyed by strong earnings, while Philippines hit its highest level in more than 10 months.

The Singapore benchmark rose 0.8 per cent boosted by gains in consumer cyclical and financial companies, after they reported positive quarterly results.

Singapore's Keppel Corporation Ltd posted fourth- quarter net profit of S$135 million ($99.32 million) compared to a net loss of S$492 million ($361.95 million) a year earlier.

Singapore Exchange Ltd posted a 9 per cent rise in net profit for its second quarter, while Keppel Corp's stock rose 1.5 per cent, reports Reuters.

The Philippine stock exchange rose 0.3 per cent, buoyed by financial and industrial stocks, to its highest level since March 22 last year.

Shares of index heavyweights Jollibee Foods Corp and BDO Unibank Inc strengthened 2.3 per cent and 1.1 per cent, respectively.

Despite expecting a slower-than-expected economic growth for the fourth quarter, hopes of easing monetary policies helps the index retain its gains.

Financials and materials pulled the Indonesian benchmark index up 0.3 per cent, on track to post its fifth straight week of gains.

Shares of Bank Central Asia Tbk PT rose 0.6 per cent while those of Telekomunikasi Indonesia Tbk Persero Perusahaan Perseroan PT rose 1 per cent.

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