By Urvashi Goenka
Feb 9 Most Southeast Asian stock markets closed
higher on Thursday as investors grew more confident about China,
with Singapore bouncing back from its previous session's losses
to post its highest close in 15 months on the back of strong
A rally in commodity prices in recent weeks led by copper
and iron ore along with gentle policy tightening by Beijing via
money market rates, had led to a more optimistic view of Chinese
corporate earnings, analysts said.
Earnings growth for MSCI China is expected at nearly 15
percent over the next 12 months, slightly ahead of 13 percent
projected for companies in MSCI Asia outside Japan, according to
Thomson Reuters data.
"Developed markets are looking better, China has
stabilised," said Linus Loo, head of research at Lim & Tan
Singapore shares closed at their highest level since
October 2015 with telecoms and industrials driving the gains.
Singapore Telecommunications Ltd rose 1 percent on
the back of strong quarterly earnings.
Singapore Technologies Engineering Ltd and
Singapore Airlines Ltd were among the biggest gainers,
rising 1 percent and 1.4 percent, respectively.
Singapore Airlines announced a $13.8 billion order to buy 39
Boeing wide-body aircraft.
Philippine shares rose for the first time in three
sessions on the back of gains in financial and telecom stocks.
After market hours, the Philippine central bank kept its
benchmark interest rate unchanged at 3 percent, with inflation
edging up but expected to remain within its comfort zone for
PLDT Inc rose 4.4 percent, while Ayala Corp
gained 1.2 percent.
Indonesian shares closed slightly higher, helped by
financial stocks, while Thailand fell 0.4 percent with
financials being the biggest losers.
Malaysia was closed for a public holiday.
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current previous Pct Move
Singapore 3079.96 3066.53 0.44
Bangkok 1583.25 1589.29 -0.38
Manila 7252.66 7234.82 0.25
Jakarta 5372.077 5361.088 0.20
Ho Chi Minh 700.65 702.04 -0.20
Change so far
Market Current End 2016 Pct Move
Singapore 3079.96 2880.76 6.91
Bangkok 1583.25 1542.94 2.61
Manila 7252.66 6840.64 6.02
Jakarta 5372.077 5296.711 1.42
Ho Chi Minh 700.65 664.87 5.38
(Reporting by Urvashi Goenka; Editing by Subhranshu Sahu)