SE Asian stocks climb on hopes for fresh China stimulus

Published: April 30, 2019 11:41:50 | Updated: May 03, 2019 14:27:15

File photo (Collected)

Most Southeast Asian stock markets firmed on Tuesday, as investors hoped that Beijing would introduce more policy stimulus to spur growth after manufacturing data failed to meet expectations.

Top performer in the region, Indonesian shares climbed 0.4 per cent and saw their best session in a week. Indofood Sukses Makmur Tbk PT rose to a nearly five-week high.

Sentiment was also helped by hopes that US-China could soon sign a trade deal to end a nearly year-long tariff skirmish, reports Reuters.

Meanwhile, Thai shares saw their best session in over a week after data showed that factory activity in March dropped less than expectations.

Charoen Pokphand Foods PCL scaled an over two-month peak and was the biggest boost to the index, while Advanced Info Service PCL firmed 0.8 per cent.

Philippine shares posted modest gains, while Malaysian shares touched their highest level since April 10.

Singapore's benchmark index shed sharp gains from the previous session to edge lower, dented by declines in financial stocks.

Shares of Southeast Asia's biggest lender DBS Group Holdings Ltd marked their worst day in over five weeks.

The lender had surged 3.6 per cent on Monday after posting a record quarterly profit.

Vietnam markets were closed for a regional holiday.

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