SINGAPORE, July 12 — Most South-east Asian stock markets rose today in line with broader Asia as fresh controversy over US President Donald Trump's administration had little impact on global equities, with investors looking ahead to Federal Reserve Chair Janet Yellen's comments later in the day.
US stocks took a brief tumble overnight after emails disclosed Trump's eldest son welcomed help from a Russian lawyer for his father's 2016 election campaign, but the stocks reversed their losses by close.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent today.
Ahead of Yellen's testimony to Congress on the state of the US economy from 1400 GMT, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases.
Philippine shares led the gains in South-east Asia, climbing as much as 1 per cent to hit its highest in more than three weeks, driven by real estate and telecom stocks.
Ayala Land rose as much as 2.4 per cent, while SM Prime Holdings advanced 2 per cent.
The Philippines recorded a trade deficit of US$2.753 billion (RM11.82 billion) in May, the country's worst in decades, data showed yesterday.
“It's (trade deficit) a welcome development, and we see some semblance of improvement on this side — it's the sign of a rising economy,” said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.
Indonesia inched up 0.5 per cent, helped by strong gains in the financial sector. Bank Mandiri (Persero) Tbk PT gained as much as 1.7 per cent, while Bank Negara Indonesia rose 1.5 per cent.
Thai shares were up as much as 0.3 per cent, supported by industrials and financials, while Vietnam
rose as much as 0.6 per cent, its biggest intraday percentage gain in nearly two weeks.
Meanwhile, Singapore shares fell as much as 0.5 per cent, with heavyweights DBS Group and Singapore
Telecommunications declining about 0.8 per cent each.
Malaysian shares were largely flat. Industrial production in May grew at a faster-than-expected pace of 4.6 per cent, compared with a year earlier, data showed. — Reuters
