Southeast Asian stocks inch up; Singapore falls

Published: May 21, 2019 11:13:22 | Updated: May 24, 2019 11:09:08

File Photo (Collected)

Southeast Asian stock markets rose on Tuesday as investors took a breather from last week's sell-off, while the Singapore index declined after the country cut its 2019 growth outlook.

Indonesian shares extended gains as official counts, released earlier than scheduled, confirmed the re-election of incumbent President Joko Widodo.

Indonesian equities rose as much as 1.5 per cent after the election commission confirmed unofficial counts, giving President Widodo, popularly known as Jokowi, a comfortable win over ex-general Prabowo Subianto, reports Reuters.

Financials and material stocks supported the Jakarta index, with Bank Central Asia Tbk PT adding 2.1 per cent, and PT Indocement Tunggal Prakarsa Tbk gaining 6.2 per cent.

However, Singapore stocks declined up to 0.5 per cent after the island cut its full year growth forecast on Tuesday as official data showed annual economic growth in the first quarter slipped to record low.

Conglomerate Jardine Matheson Holdings Ltd lost as much as 1.9 per cent and lender DBS Group Holdings Ltd slipped 0.9 per cent.

The Thai bourse gained 0.5 per cent despite the disappointing data, with oil & gas firm PTT PCL rising 0.5 per cent, and Airports of Thailand PCL adding 0.4 per cent.

The Philippine index climbed up to 1.0 per cent, while Malaysian equities added 0.6 per cent.

Vietnam stocks gained for an eighth straight session, buoyed by financial and real estate sectors.

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