SINGAPORE, June 4 — Most South-east Asian stock markets rose today, with Singapore gaining nearly 1 per cent as upbeat sentiment following positive US jobs data pushed global equities higher.
Asia ex-Japan shares rose 1 per cent to their highest level since May 17.
Data on Friday showed that US job growth accelerated in May and unemployment rate dropped to an 18-year low.
“We are following the bullish sentiment on Friday on US after job data,” said Linus Loo, Head of research at Lim & Tan Securities.
“Because we (South-east Asia) are export-driven, especially Singapore, we tend to track the US,” he added.
Singapore shares rose 0.9 per cent in early trade.
Financials drove gains, as heavyweights DBS Group Holdings and Oversea-Chinese Banking Corp gained 1.2 per cent each.
Indonesian shares rose 0.8 per cent led by financials and telecommunication stocks.
Indonesia's annual inflation rate in May was 3.41 per cent, slightly below the median forecast of 3.28 per cent in a Reuters poll, data from the statistics bureau showed today.
An index of the country's 45 most liquid stocks rose about 1.3 per cent.
Vietnam stocks rose as much as 0.9 per cent, as materials and industrials extended gains from last week. Vietjet Aviation climbed nearly 7 per cent while Vietcombank rose as much as 2.5 per cent.
Meanwhile, Philippine shares fell 0.9 per cent, dragged lower by industrial on caution ahead of inflation data due tomorrow.
Philippine inflation likely accelerated for the fifth straight month in May, a Reuters poll showed, but analysts were divided over when the central bank will again raise interest rates.
Aboitiz Equity Ventures slumped 3.8 per cent while SM Investments Corp fell 2.7 per cent.
Malaysian and Thai shares were largely unchanged in early trade. — Reuters
