Southeast Asian shares rise amid global trade worries

Published: June 25, 2018 13:42:48 | Updated: June 27, 2018 12:35:41


Most Southeast Asian stock markets rose on Monday, amid the growing trade tensions between the United States and major economies of the world.

The markets surged with the Philippines bouncing back after a seven-session losing streak, while Singapore fell to its lowest in more than eight-and-a-half months.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent after a Wall Street Journal report that US President Donald Trump planned to bar many Chinese companies from investing in US technology firms and block additional technology exports to China, reports Reuters.

Philippine shares jumped 2.5 per cent in early trade, marking their biggest intraday percentage gain since late-March.

Industrial and real estate stocks were the best performers on the index, with SM Investments Corp rising 1.0 per cent and SM Prime Holdings Inc up 2.1 per cent.

Vietnam shares also rose, building on Friday's gains, as financials and real estate stocks led the charge.

Vietnam Joint Stock Commercial Bank for Industry and Trade rose about 2.5 per cent, while property developer Vinhomes JSC climbed about 1.0 per cent.

Indonesian shares edged up about 0.4 per cent, led by consumer discretionary and real estate stocks.

Indonesia's trade deficit is seen narrowing in May due to a slowdown in imports, a Reuters poll showed. The country, which is a large exporter of raw materials, is also expected to post an increase in its May exports, with data due later in the day.

The index of the country's 45 most liquid stocks rose about 0.2 per cent.

Meanwhile, Singapore shares fell to their lowest since October, set to extend losses into a third straight session, with lenders DBS Group and Oversea-Chinese Banking Corp losing more than 1.0 per cent each.

Inflation rate in the island state is expected to have inched up in May from the previous month, a Reuters poll showed.

The country, which is due to report its May inflation figures later in the day, has been struggling with lukewarm inflation stemming from subdued domestic demand.

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