BANGKOK, Nov 10 — Southeast Asian stock markets mostly edged higher today as investors selectively bought shares in a reporting season while Singapore’s key index hit a more than 7-week high, with shares of Noble Group leading the pack.
Malaysia’s main index was up 0.3 per cent after five straight sessions of losses of almost 1 per cent. The Philippines’ main index was a tad higher and Vietnam extended gains for a third session, adding 0.7 per cent.
Singapore’s Straits Times Index was up 0.7 per cent at 3,308.13, climbing at one point to 3,312.68, the highest since September 19. Noble Group shares earlier jumped 7.5 per cent after third quarter net profit hit a 2-year high.
The announcement of a special dividend payout also helped boost Noble Group shares.
A report that the Shanghai-Hong Kong stock exchanges link was set to open on Nov. 17 set a positive tone for the Singapore stock market, broker NRA Capital said in a report.
“For many, it’s a great arbitrage opportunity between the two stock markets,” said the broker in a report. “Positive vibes also helped Singapore shares rise on selective gains,” it said.
Asian shares rose after US JOBS data pointed to solid economic growth. Hong Kong led gains in Asia after regulators set a date for the long-awaited trading link between the Hong Kong and Shanghai stock exchanges.
Thai SET index and Jakarta’s composite index both fell, giving up early gains.
Shares of Thai top energy firm PTT dropped 2.7 per cent, reflecting declining global oil prices.
Shares of canned tuna exporter Thai Union Frozen bucked the trend, climbing 2.2 per cent, with broker KT Zmico predicting a core earnings growth of 86 per cent year-on-year in the third quarter due to growth in tuna businesses. — Reuters
