Southeast Asian stocks advance after Wall St gains

Published: May 15, 2019 13:31:04 | Updated: May 17, 2019 13:43:26

File Photo (Collected)

Southeast Asian shares were mostly higher on Wednesday, following a firmer finish on the Wall Street, as US President Donald Trump's upbeat remarks on Sino-US trade talks helped repair bruised optimism.

Malaysia stocks climbed 0.8 per cent and lead gains in Southeast Asia. Telecom giant Axiata Group rose 3.0 per cent and Dialog Group was up 8.5 per cent— its highest since Nov. 12, 2018.

Philippines shares rose 0.5 per cent, helped by industrials and energy stocks, after tumbling almost 2.0 per cent in the previous session.

Port operator International Container Terminal Services climbed to a record high, while conglomerate Aboitiz Equity Ventures rose 2.7 per cent, reports Reuters.

Indonesia's benchmark index edged higher ahead of the country's trade data due later in the day.

Gains were lead by chemical products manufacturer Eterindo Wahanatama, which soared 29.3 per cent, and mall operator Bliss Properti Indonesia, which jumped to a record high.

Singapore's Straits Times index bucked the trend to fall marginally lower, weighed by consumer services and industrials.

The International Monetary Fund has forecast Singapore's 2019 economic growth at 2.3 per cent compared with 3.2 per cent in 2018, citing the country's high exposure to global trade, OCBC said.

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