SINGAPORE: Southeast Asian stock markets ended higher on Tuesday, tracking broader Asian shares and Wall Street overnight, as investors cheered a deal to end a US government shutdown.
Congress voted on Monday to approve the latest short-term funding bill, and US stocks advanced as each of Wall Street’s main indexes scored records in the wake of the deal.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose about 1 percent to mark a record peak.
“The sentiment itself is pretty much favourable for risky assets and plus we still agree to the fact that emerging markets are in a sweet spot in terms of economic growth and the stock market direction,” said Taye Shim, head of research at Mirae Asset Sekuritas.
Indonesia shares closed about 2 percent higher to mark a record closing peak, led by financials and consumer discretionary stocks.
Astra International climbed 3.3 percent, while Bank Rakyat Indonesia touched a record closing high.
An index of the country’s 45 most liquid stocks jumped 2.8 percent.
Singapore ended 0.6 percent higher at a more than 10-year peak, driven by financials, with DBS Group Holdings up 1.6 percent.
Local stocks track US and Hong Kong markets and are moving more or less in tandem with them, said Linus Loo, head of research at Lim and Tan Securities.
Singapore’s headline consumer price index rose a less than expected 0.4 percent in December from a year earlier, due to lower services and private road transport costs, data showed on Monday.
The Philippine index reversed losses to touch a record closing high.
SM Investments Corp was up 2.3 percent, while JG Summit Holdings Inc rose 2.2 percent.
Vietnam’s Ho Chi Minh stock exchange was closed due to technical difficulties, according to a statement posted on the website of the State Securities Commission, without indicating when the problem would be resolved.
Source: Brecorder.com
