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5 years ago

SE Asian stocks rebound on China's stimulus hopes

File Photo (Collected)
File Photo (Collected)

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Most Southeast Asian stock markets recovered on Tuesday with Singapore leading the gains, as China hinted at supportive monetary policies to strengthen its economy.

China will strengthen monitoring of its economic situation and improve its "reserve" of economic policies, the National Development and Reform Commission said in a statement.

The stimulus from the region's largest trading partner spurred a positive movement in most of the markets, after they fell on Monday following an unexpected fall in China's December exports and imports.

Singapore's benchmark index lead gains in the region to rise to an over three-month high, reports Reuters.

Buoyed by industrial and financial stocks, the index rose 1.3 per cent, with shares of DBS Group Holdings Ltd Jardine Strategic Holdings Ltd firming as much as 1.9 per cent each.

The Indonesian index rose as much as 0.4 per cent before the country released lower-than-expected December trade data.

The country's exports fell 4.6 per cent last month, compared to a Reuters poll expecting a rise of 1.8 per cent, bringing the trade deficit to $1.10 billion.

Unilever Indonesia Tbk PT's counter gained as much as 0.9 per cent, while that of Telekomunikasi Indonesia Tbk Perusahaan Perseroan PT firmed 0.8 per cent.

Consumer staple and material stocks drove the Thai benchmark higher.

Meanwhile, Malaysian index fell slightly, hurt by losses in the material and utility stocks.

Shares of Axiata Group Bhd slid as much as 1.8 per cent, while those of Petronas Dagangan Bhd fell 1.9 per cent.

Philippine index reversed gains from the previous session to fall 0.3 per cent, hurt by industrials and consumer discretionary stocks.

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