Southeast Asian stocks edge up tracking Wall St

Published: November 06, 2017 13:05:00 | Updated: November 07, 2017 10:58:10


Southeast Asian stock markets edged higher on Monday, in tandem with Wall Street which gained on Friday on healthy corporate earnings.

Wall Street was boosted by Apple Inc's shares that hit a record high. The company forecast better-than-expected sales for the holiday shopping season in its fourth quarterly results out Friday, reports Reuters.

Among regional markets, the Philippine stock index jumped 0.8 per cent with financials accounting for majority of the gains.

SM Investments Corporation was up 1.5 per cent, while real estate stock Ayala Land rose 1.3 per cent.

Indonesian stocks climbed 0.1 per cent with industrial and financial stocks leading gains.

The country's third-quarter gross domestic product grew at 5.06 per cent, slightly slower than expected. A Reuters poll had forecast GDP growth at 5.13 per cent.

Malaysian stocks rose 0.1 per cent, snapping four straight losing sessions, with industrial stock MISC Bhd recording its biggest intraday gain in more than 4 years.

On the other hand, Singapore shares dropped 0.2 per cent, dragged down by financials. DBS Group shed as much as 1.6 per cent after reporting dismal third-quarter results.

The city-state's biggest lender saw three-quarter profits sliding to a five year low, as it nearly doubled provisions for loans to the troubled oil and gas industry.

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