Most Southeast Asian markets rose in thin trade on Friday, with Vietnam gaining 2.2% and the Philippines climbing 1.8%, as investors hunted for bargains, following last month’s fall.
In Vietnam, industrials were among the top gainers, as factories saw record growth in new export orders last month. Reuters reports
Vietjet Aviation climbed nearly 7%, while Vietcombank rose 5.4%.
For the week, Vietnam shares gained 3%, snapping two straight weekly falls.
In the Philippines, real estate and consumer stocks led the gains, with SM Investments Corp up 4.4% and Ayala Land rising 1.9%.
“It’s really more of a technical rebound today, as the index broke 7,500 a couple of days ago, because of concerns on Italy and local inflation,” said Jose Vistan, research head at AB Capital Securities.
Investors also took heart from China A-shares’ long-awaited inclusion in MSCI’s benchmark market indexes, a step that is expected to boost foreign inflows in the coming months.
For the week, Philippine shares declined 0.2% in their third straight weekly drop.
Malaysian shares rose nearly 1%, extending gains into a second session, buoyed by financials. Malayan Banking rose about 4%.
Thai shares declined with oil and gas producer PTT shedding 1.4%. The index fell 1.2% this week, in its fourth straight weekly drop.
Thailand’s annual headline inflation in May rose to its highest in 16 months, but well within the central bank’s target range of 1%-4%.
Singapore shares were little changed, but posted their third straight weekly decline.
Indonesian financial markets were closed for a local holiday.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Current Previous Close Pct Move
Singapore 3427.51 3428.18 -0.02
Bangkok 1719.82 1726.97 -0.41
Manila 7630.26 7497.17 1.78
Kuala Lumpur 1756.38 1740.62 0.91
Ho Chi Minh 992.87 971.25 2.23
Change on year
Market Current End 2017 Pct Move
Singapore 3427.51 3402.92 0.72
Bangkok 1719.82 1753.71 -1.93
Manila 7630.26 8558.42 -10.84
Kuala Lumpur 1756.38 1796.81 -2.25
Ho Chi Minh 992.87 984.24 0.88