Vietnam shares jumped 0.8%, boosted by financial and real estate stocks. Vietnam Technological and Commercial Bank (HOSE: TCB) rose 2.1%, while Vinhomes Co (HOSE: VHM) gained 3.2%. Southeast Asian Stocks market rise on Wall Street rebound; Philippines, Singapore lead gains.
Today, October 17, 2018, most of Southeast Asian stock markets rose, tracking a rebound on Wall Street and as local investors looked for bargains in the wake of recent losses. Reuters reports.
Singapore shares rose up to 1.7% after two straight sessions of falls, with financials and industrials leading the bounceback. They declined about 4.5% last
week in their second straight weekly drop.
“In the case of Singapore, we have been sharing much of the downside, but not the upside. As valuations remain attractive in Singapore, it’s not surprising to find bargain hunting after the recent selloff,” said Liu Jinshu, director of research at NRA Capital, referring to last week’s rout. Investor sentiment was also upbeat after data showed Singapore’s non-oil domestic exports growth accelerated in September, led by a jump in pharmaceutical shipments.
Jardine Matheson Holdings Ltd gained 1.7%, while United Overseas Bank Ltd climbed 2%. Philippine shares rose 2% to a near two-week high, helped by financials. BDO Unibank Inc gained 3.6%, while Bank of the Philippine Islands climbed 3%.
“Investors are taking advantage of cheap buy-aways from the PSI, given that they have retreated two standard deviations below its mean… We might reach up the resistance level again, the valuations are getting attractive for the Philippines,” saidLexter Azurin, AB Capital Securities analyst.
Indonesian shares gained up to 0.5%, boosted by telecom stocks.
Telekomunikasi Indonesia Tbk climbed 1.6%, while Indah Kiat Pulp and Paper Tbk rose 7.6%.
Malaysian shares edged higher, helped by tourist resort operator Genting Malaysia Berhad and airport services provider Malaysia Airports Holdings Bhd.
Asian equities also got some welcome relief, after upbeat U.S. earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies.
Read full report on Reuters