Friday, 10 July 2015 18:12
BANGKOK: Southeast Asian stock markets rose on Friday after days of volatility, as a rebound in Chinese shares and hopes of a Greek debt deal over the weekend brought in some short-covering while Indonesia snapped a four-day losing streak backed by inflows.
Jakarta’s composite index ended the day up 0.4 percent, recovering from its lowest close in almost four weeks Thursday. It was down 2.5 percent on the week, the region’s worst performing index.
The Indonesian bourse saw net foreign inflows worth 1.4 trillion rupiah ($ 105.18 million) on Friday, recouping the 739 billion rupiah ($ 55.52 million) of net outflows early in the week, Thomson Reuters data showed.
Global financial markets rallied amid hopes that last-minute concessions by Greek Prime Minister Alexis Tsipras would clinch a deal with the country’s international creditors and save it from bankruptcy.
Chinese stocks rose for a second day, buoyed by a raft of support measures.
Major Southeast Asian stock indexes suffered losses on the week, with Singapore’s 1.9 percent fall its worst weekly drop since mid-March 2014. Vietnam bucked the trend, with a weekly gain of 1.8 percent.
