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Southeast Asian stocks rise; Indonesia slips

Published: June 11, 2019 12:14:56 | Updated: June 13, 2019 11:08:33


Southeast Asian stock markets were mostly higher on Tuesday, while Indonesia slipped from a more than one-month high hit in the previous session.

Singapore stocks rose, taking cues from broader Asian markets. Singapore stocks extended the gains into a fourth session on the back of real estate stocks.

CapitaLand Ltd climbed as much as 3.0 per cent in its biggest intraday gain in more than two months, after the real estate company said its unit and associated companies would divest their interests in three companies that hold three malls in China for an agreed value of 2.96 billion Chinese yuan ($427.90 million).

Philippine shares gained 0.5 per cent, boosted by real estate and industrial stocks, and were headed for a fourth consecutive session of gains.

The country's April exports increased 0.4 per cent from a year earlier, while imports dipped 1.9 per cent, bringing the trade deficit to $3.50 billion.

Ayala Land Inc and SM Prime Holdings gained 0.6 per cent and 1.0 per cent, respectively.

Meanwhile, Indonesian shares dipped 0.2 per cent after posting their biggest intraday percentage gain in over two years on Monday.

Consumer stocks were among the top losers with Astra International Tbk Pt and Unilever Indonesia Tbk Pt shedding 2.6 per cent and 1.0 per cent, respectively.

Malaysian stocks edged lower, dragged by financials.

Data released earlier showed that Malaysia's industrial production index rose 4.0 per cent in April from a year earlier, faster than the previous month.

April's annual output growth was higher than the 2.7 per cent median estimate by nine economists surveyed by Reuters. The pace was faster than March's growth of 3.1 per cent.

Hong Leong Bank Bhd dropped as much as 1.7 per cent, while Malayan Banking Bhd slipped as much as 0.7 per cent.

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