South-east Asia stocks extend recovery on Wall Street gain, bargain-hunting
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SINGAPORE, Feb 13 — South-east Asian stock markets edged higher today tracking Wall Street which extended gains after its worst week in two years and as bargain hunters stepped in to buy battered down stocks.
Wall Street's three major indexes rebounded yesterday with broad-based gains, while MSCI's broadest index of Asia-Pacific shares outside Japan was up more than 1 per cent.
“Asian markets are taking their cue from the US markets which closed higher yesterday,” said Jinshu Liu, director of research at NRA Capital Pte Ltd, Singapore.
“The rebound looks opportune after last week's heavy selloff which is probably attracting bargain hunters right now.”
Singapore shares rose as much as 1.6 per cent, with financials and industrials accounting for most of the gains, making it one of the best performers in the region.
Oversea-Chinese Banking Corporation Ltd added as much as nearly 4 per cent, its steepest intraday gain since June 2016, while Keppel Corporation Ltd gained as much as over 2 per cent.
The top gainer on Singapore's benchmark index was United Overseas Bank Ltd which rose as much as 3.6 per cent, its biggest intraday percentage gain in over nine months.
Vietnam jumped as much as 1.7 per cent to over a one-week high and was on track for a second straight session of gains, boosted by financial and utility stocks.
Joint Stock Commercial Bank for Investment and Development of Vietnam rose as much as 5.6 per cent to its highest in almost two weeks while oil and gas refining business Petrovietnam Gas Joint Stock Corp added as much as 5.3 per cent.
Indonesian shares climbed as much as 1.1 per cent to a one-week high, as financials, telecoms and energy stocks pushed the index higher.
An index of the country's most liquid stocks edged up over 1 per cent.
Thai shares scaled up as much as 0.4 per cent to more than a one-week high, with gains spread across all sectors, while Malaysia was flat.
Philippine shares snapped three straight sessions of losses and bounced up as much as 0.6 per cent, helped by industrials and financials.
Aboitiz Equity Ventures Inc gained nearly 2 per cent, making it the top performer on the main index. — Reuters