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Thailand snaps 3 days of falls; Vietnam extends gains

Thailand snaps 3 days of falls; Vietnam extends gainsSINGAPORE: Thai shares rose nearly 1 percent on Tuesday, snapping three consecutive sessions of declines, while Vietnam stocks climbed for an eighth straight session to close at their highest in nearly a decade.

Gains in Thailand were broad based with real estate and energy stocks leading the rise.

Property developer Central Pattana PCL closed at a record high, while oil and gas heavyweight PTT Group Pcl ended higher even after reporting a drop in third-quarter profit.

CP All PCL was among the top contributors to the benchmark stock index after the convenience store operator posted a higher third-quarter net profit.

Thailand has been the second worst performer among Southeast Asian stock markets this year.

Vietnam shares closed slightly higher after rising as much as half a percent, posting their longest winning streak since September 2016. Financial and consumer discretionary stocks drove the gains.

Philippine stocks recovered from early losses to close about 0.6 percent higher, snapping two consecutive sessions of declines, with industrials accounting for most of the gains.

The recovery was driven mainly by selective buying of index heavyweights, RCBC Securities said in a note, adding that Manila Electric saw the highest amount of net foreign buying.

Meanwhile, Asian shares ticked lower after Chinese economic data disappointed and a marked flattening in the US yield curve rattled investors with concerns of a future slowdown.

Among the Southeast Asian markets that fell, Singapore declined for a third straight session, hurt by financials and consumer discretionary stocks.

Copyright Reuters, 2017
 

Source: Brecorder.com

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