Southeast Asian stocks rise as Italy political turmoil eases

Published: May 31, 2018 13:07:51 | Updated: June 02, 2018 10:52:13

File Photo (Collected)

Southeast Asian stock markets were mostly higher on Thursday, as concerns over government formation in Italy eased.

Malaysia gained 2.1 per cent in early trade, but was on track to end the month lower. Utilities and financials rose, with Tenaga Nasional up 7.9 per cent and CIMB Group Holdings climbing 2.4 per cent.

Philippine shares rose 0.9 per cent, with Bank of the Philippine Islands notching up gains of nearly 2.0 per cent. The country's benchmark index is, however, headed to decline for a fourth straight month.

The Indonesian index extended losses from the previous session to fall 0.7 per cent, and was set to post a fourth straight month of losses.

Shares snapped five sessions of gains on Wednesday after the country's central bank raised its key interest rate for the second time in two weeks, and flagged more possible hikes.

Telekomunikasi Indonesia slipped 1.1 per cent, while Indocement Tunggal Prakarsa Tbk PT shed 4.2 per cent, reports Reuters.

Singapore edged up, while Vietnam climbed 1.6 per cent.

Thai shares ticked up ahead of April trade data expected later in the day.

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