May 2, 2017 / 10:00 AM / 3 months ago

SE Asia Stocks-Banks help Singapore post highest close in 21 months

3 Min Read

    May 2 (Reuters) - Most Southeast Asian stock markets ended
higher on Tuesday, with Singapore posting its highest
close since July 2015 as banking stocks rose on the back of
better-than-expected results.
    Financials led the gains after DBS Group, the
city-state's biggest lender, posted quarterly profit above
market expectations.
    Last week, smaller peer United Overseas Bank had
reported strong quarterly profit on the back of higher net
interest income and trading income.
    DBS Group and United Overseas Bank rose 2.6 percent and 4.6
percent, respectively.
    Malaysian shares closed at their highest in nearly
two years. Financial and consumer stocks led the gains, with
CIMB Group Holdings Bhd, the country's second largest
bank by assets, finishing 2.4 percent higher.
    Philippine shares ended 0.6 percent higher,
underpinned by gains in industrial and real estate stocks.
Property developer SM Prime Holdings was among the top
performers, rising 3 percent.
    Indonesian shares reversed early gains to end the
session marginally lower. Indonesia's annual inflation rate rose
in April to the highest in 13 months, which was more than
expected in a Reuters poll.
    Broader Asian markets were stronger after a long holiday
weekend, with investors making bullish bets as an overnight
rally on Wall Street and easing geo-political concerns over
North Korea boosted sentiment.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose to its highest since June 2015. 
    Tensions over the Korean peninsula eased slightly after U.S.
President Donald Trump said on Monday he would be honoured to
meet North Korea's supreme leader Kim Jong Un under the right
circumstances.
    Vietnam stock market was closed for a holiday.
        
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
  STOCK MARKETS                                        
  Market           Current       previous     Pct Move
                                 close        
  Singapore        3211.11       3175.44      1.12
  Bangkok          1564.12       1566.32      -0.14
  Manila           7703.1        7661.01      0.55
  Jakarta          5675.808      5685.298     -0.17
  Kuala Lumpur     1778.47       1768.06      0.59
                                              
                                              
 Change so far                                
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        3211.11       2880.76      11.47
  Bangkok          1564.12       1542.94      1.37
  Manila           7703.1        6840.64      11.20
  Jakarta          5675.808      5296.711     7.16
  Kuala Lumpur     1778.47       1641.73      8.33
 
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Subhranshu Sahu)
  

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