Global
5 years ago

SE Asian stocks edge up on Chinese stimulus hope

Published :

Updated :

Most Southeast Asian stock markets edged higher on Monday as Chinese stocks extended gains from the previous session after Beijing's pledge to support the economy and tackle market volatility.

MSCI's broadest index of Asian shares outside Japan pared early losses to edge up 0.2 per cent, reports Reuters.

Blue-chips in Shanghai climbed 3.5 per cent in early trade, after China's top regulators came out to calm down the market following release of its GDP data, which boosted investor sentiment.

Indonesian shares were up 0.1 per cent boosted by telecom and banking stocks, with PT Telekomunikasi Indonesia Tbk adding 0.8 per cent and lender PT Bank Mayapada Internasional Tbk jumped 6.8 per cent.

Meanwhile, Indonesia's central bank is set to hold its policy meeting and is expected to hold its key interest rate on Tuesday as the rupiah has been stable over the past two weeks, a Reuters poll showed.

Bank Indonesia (BI) has hiked its benchmark by 150 basis points (bps) since mid-May to help prop up the fragile rupiah.

Singapore stocks edged up 0.4 per cent, with industrial holding company Yangzijiang Shipbuilding Holdings Ltd up 2.5 per cent while media and publishing house

Singapore Press Holdings Ltd added 1.9 per cent.

Philippine stocks traded 0.9 per cent higher, with gains in banking shares offsetting losses in telecom and energy stocks.

Conglomerate Ayala Corp added 1.7 per cent and Metropolitan Bank & Trust Co edged up 0.8 per cent.

Malaysian stocks bucked the trend to trade lower, weighed down by telecom operator Telekom Malaysia Berhad which shed 3.7 per cent, while sector heavyweight Axiata Group Berhad lost 2.2 per cent.

Malaysian equities last week saw a sell-off of international funds for a third consecutive week, although at a slower pace, MIDF Research said in a note.

Thai shares fell 0.4 per cent following disappointing trade data for September.

Its customs-cleared annual exports defied analyst expectations, dropping for the first time in 19 months, which the commerce ministry attributed to a high comparative base and the Sino-US trade war.

Exports, which act as a driver for Thai growth, fell 5.2 per cent from a year earlier, compared to the median forecast for a 6.05 per cent rise, according to a Reuters poll.

Share this news