Southeast Asian stocks rise after Wall Street rebound

Published: December 27, 2018 13:43:04 | Updated: December 29, 2018 12:12:07

Southeast Asian shares rose on Thursday, tracking a dramatic rebound on Wall Street powered by upbeat US holiday sales data and the Trump administration's efforts to boost investor confidence.

Singaporean stocks led gains in the region with a 2.0 per cent advance while Thai and Vietnamese shares added roughly 1.4 per cent each after US equities saw a buying frenzy overnight.

In Singapore, United Overseas Bank rose about 2.4 per cent, while industrial conglomerate Jardine Strategic gained about 3.0 per cent. The two stocks have each lost about 10 per cent this year.

Indonesian stocks rose as much as 1.0 per cent, hitting their highest level since late April, reports Reuters.

Philippine shares were 0.22 per cent higher. Real estate conglomerate Ayala Land gained about 0.9 per cent, while BDO Unibank Inc edged 1.0 per cent higher.

The bourse is on track to post a gain for December, in contrast with a number of its regional peers.

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