BANGKOK, March 3 — Southeast Asian stock markets rose today as strength in Asia and global oil prices further lifted risk sentiment, with the Singapore benchmark leading the way but caution remained over weak economic numbers in the region.
Singapore’s Straits Times Index rallied 2 per cent, extending gains for a fifth session to the highest since January 7.
Shares of DBS Group Holdings and Oversea-Chinese Banking Corporation both jumped more than three per cent.
Banking shares saw buying in high volumes on talks of institutional buying, broker NRA Capital said in a midday report. “Further unwinding in safe haven trades continued,” it added.
Key economic indicators in the region remained weak, as activity in Singapore’s factories fell to the lowest level in more than three years and Thai consumer confidence hit a three-month low in February.
Thai SET index was up about 1 per cent at midday after touching the highest since late November. Brokers in Bangkok said a stronger Thai baht could be supportive.
“The market may extend with moderate gains today as Asian inflows remain strong. Further rise in Thai baht, despite a resilient US dollar index, is positive to inflows,” KGI Securities said in a report.
Among the outperformers, the Philippine composite index climbed 1.3 per cent after two days of gains boosted by foreign inflows. Gains in Malaysia and Vietnam were relatively modest due to some quick profit-taking.
Indonesia added 0.4 per cent in its seventh straight session of gains, taking its year-to-date gain to almost 10 per cent in dollar terms, Asia’s best performer.
The rebound of Southeast Asian shares in February amid foreign inflows and the strength in regional currencies also brought other key stock indexes among top performers in Asia this year. — Reuters
