December 8, 2016 / 5:42 AM / 7 months ago

SE Asia Stocks-Gain; Singapore hits over one-year high

4 Min Read

By Geo  Tharappel
    Dec 8 (Reuters) - Singapore stocks hit their highest in more
than a year on Thursday, while other Southeast Asian stocks
gained in line with broader Asia on expectations that the
European Central Bank (ECB) would extend its asset buying
programme.
    The ECB is expected to extend its quantitative easing
programme (QE) by six months in a decision, while keeping the
size of its monthly asset purchases unchanged, according to a
majority of economists polled by Reuters last week. The ECB will
announce its policy decisions at 1245 GMT.  
    While the U.S. Federal Reserve's interest rate hike expected
this month is already priced in, hopes of an extension of the
ECB's stimulus program are among the reasons for the rally, said
Mikey Macainag, an analyst with Manila-based Sunsecurities Inc.
    Sentiment was also boosted after China reported upbeat trade
figures with exports and imports in November beating forecasts.
  
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained 1.2 percent to hit a one-month high.
    Singapore rose as much as 0.7 percent hitting its
highest since November last year, led by financials and telecom
stocks.  
    Singapore Telecommunications Ltd boosted the index
most, hitting a four-week high, while StarHub Ltd 
gained over 2 percent.
    United Overseas Bank Ltd added 1.3 percent to
touch a 15-month high, while Oversea-Chinese Banking Corp Ltd
 gained for a fourth straight session.
    Philippine shares rose as much as 1.2 percent to a
more-than-two-week high.  
   "Right now (Philippine shares) are in oversold territory and
they are also ripe for the 'Santa Claus rally'," Macainag added.
    Real estate stocks and utilities led the gains, with Ayala
Land Inc rising as much as 2.9 percent and SM Prime
Holdings Inc hitting its highest in over a month.
    Property companies, which lease to outsourcing enterprises,
had fallen after the election of Donald Trump in the United
States.
    "It's still too early to say what the Trump administration
will do about the BPO companies.. the only thing they can do
about it is to increase the taxes," Macainag said.
    Indonesian stocks rebounded after falling in the
previous session. 
            
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0452 GMT                                         
  Market             Current        Prev close    Pct Move
  Singapore          2971.29        2959.84       0.39
  Bangkok            1528.35        1520.53       0.51
  Manila             6910.55        6866.81       0.64
  Jakarta            5276.833       5265.368      0.22
  Kuala Lumpur       1637.7         1632.47       0.32
 Ho Chi Minh         656.84         653.53        0.51
                                                  
  Change this year                                
  Market             Current        End 2015      Pct Move
  Singapore          2971.29        2882.73       3.07
  Bangkok            1528.35        1288.02       18.66
  Manila             6910.55        6952.08       -0.60
  Jakarta            5276.833       4593.008      14.89
  Kuala Lumpur       1637.7         1692.51       -3.24
 Ho Chi Minh         656.84         579.03        13.44
 
 (Reporting by Geo Tharappel in Bengaluru; Editing by Amrutha
Gayathri)

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