The Financial Express

Southeast Asian stocks subdued ahead of holidays

Published: December 22, 2017 15:30:30 | Updated: May 22, 2018 11:14:47

File Photo (Reuters) File Photo (Reuters)

Most of the Southeast Asian markets were subdued on Friday in thin trade ahead of a long holiday weekend.

Singapore shares rose slightly after six consecutive sessions of declines, reports Reuters.

Asian stocks edged up after Wall Street rose on economic data pointing to steady economy growth in the United States.

Singapore shares rose 0.3 per cent, buoyed by gains in financials, but were down 0.7 per cent this week in what could be their third weekly drop.

Top lenders Oversea-Chinese Banking Corp and DBS Group Holdings gained 1.1 per cent and 0.8 per cent, respectively.

Philippine shares slipped ahead of November budget deficit data expected later in the day.

In October, the country had posted a budget deficit of 21.8 billion pesos ($433.87 million), much wider than the gap a year earlier.

Losses in industrials slightly outweighed gains in financials. Aboitiz Equity Ventures Inc and LT Group Inc dropped 1.7 per cent and 2.5 per cent, respectively.

United Tractors Tbk PT and Bank Central Asia Tbk PT rose 1.9 per cent and 0.5 per cent respectively, while Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT declined 0.7 per cent.

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