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SE Asia Stocks-Rise with Wall St tide; Philippines extends gains

SE Asia Stocks-Rise with Wall St tide; Philippines extends gains

Most Southeast Asian stock markets closed sharply higher on Wednesday, as strong overnight gains on Wall Street boosted Asian equities across the board.

US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies and solid economic data, boosting Asian shares on Wednesday. MSCI’s broadest index of Asian stocks outside Japan gained 0.5 percent.

Philippine stocks closed 1.6 percent higher, extending gains to a second day, as a sell-off in equities last week turned valuations more attractive, boosting bargain buying.

Lender BDO Unibank Inc rose nearly 3.7 percent to an over one-week high, while conglomerate Ayala Corp gained 1.6 percent.

Singapore shares ended 1.2 percent higher, recouping some of the losses over the last two sessions.

Oversea-Chinese Banking Corp climbed 1.7 percent and industrial conglomerate Jardine Matheson Holdings Ltd gained 0.9 percent.

“As valuations remain attractive in Singapore, it’s not surprising to find bargain hunting after the recent selloff,” said Liu Jinshu, director of research at NRA Capital.

The index was further boosted by upbeat data on non-oil domestic exports growth, which accelerated in September helped by a surge in pharmaceutical shipments.

Malaysian stocks were boosted by hotel operator Genting Malaysia Berhad, which gained over 3 percent. Telecom service provider Digi.Com Berhad rose 1.4 percent and was among top gainers after it posted growth in quarterly earnings.

Indonesian equities climbed 1.2 percent to a two-week closing high, boosted by gains in telecom and material stocks. PT Telekomunikasi Indonesia Tbk gained 3.2 percent and mobile phone service provider PT XL Axiata Tbk added 1.4 percent.

However, Thai shares finished 0.2 percent lower, erasing gains earlier in the session.

Airport operator Airports of Thailand PCL fell 1.2 percent and telecom service provider Advanced Info Service PCL lost 0.8 percent.

Vietnamese stocks notched gains across all sectors, boosted by real-estate and banking stocks, and closed 0.9 percent higher.

Copyright Reuters, 2018

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Source: Brecorder

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