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Southeast Asian stocks mostly rise; Philippines jumps

Published: May 17, 2019 11:37:44 | Updated: May 20, 2019 13:16:08


File Photo (Collected)

Southeast Asian stocks mostly rose on Friday, tracking the gains on Wall Street, which rose on upbeat earnings and strong economic data.

Philippines shares led the surge on Southeast Asian markets after its central bank eased liquidity norms.

The Philippine index climbed more than 2.0 per cent buoyed by telecom services and financials. The index is, however, set for a second straight week of loss.

Malaysia stocks advanced 0.6 per cent, helped by gains in the telecom and energy sectors. Telecommunications services provider Digi.com rose as much as 2.0 per cent.

Thailand and Vietnam shares rose marginally. Both were lifted by the energy sector.

Meanwhile, Singapore's shares fell 0.7 per cent after data showed that the city-state's exports in April fell more than expected with electronics shipments contracting far more than a year ago.

Indonesia stocks slipped marginally, weighed by financials, after central bank deputy governor warned that liquidity in the country's banking system is "heading toward tightness" and financing may become an issue.

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