Philippine shares lead Southeast Asia markets

Philippine shares lead Southeast Asia markets

People are reflected in a display showing market indices outside a brokerage in Tokyo. Asian markets declined but Southeast Asian shares edged higher on Wednesday. (Reuters photo)
People are reflected in a display showing market indices outside a brokerage in Tokyo. Asian markets declined but Southeast Asian shares edged higher on Wednesday. (Reuters photo)

Most Southeast Asian stocks edged higher on Wednesday, with the Philippine index gaining after three sessions of losses while shares in Vietnam hit an eight-and-a-half-year high.

Analysts said sentiment towards riskier assets improved after data on Tuesday showed US consumer confidence this month hit its highest since 2007.

Philippine shares led other markets in the region, driven by financials and industrials, with SM Prime Holdings and JG Summit Holdings among the top performers.

Vietnam shares rose for the eighth straight session to record their longest streak of wins since March 2014, with nearly every sector, including energy, ending in positive territory.

Oil prices rose after sharp losses in the previous session, as industry data showed a surprise draw in US crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.

"The energy sector is still volatile as the oil oversupply cut is yet to come," said Mikey Macainag, an analyst with Manila-based Sunsecurities Inc.

Indonesian shares recouped early losses to post a second session of gains, mainly driven by financial stocks.

Singapore shares were down 0.08% while Malaysia closed flat.

Asian shares spent much of the trading session in negative territory, on investor concern about the state of the European banking sector and oil prices.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia

5,425.33

5,419.60

+0.11

Malaysia

1,664.96

1,664.72

+0.01

Philippines

7,586.96

7,557.34

+0.39

Singapore

2,858.01

2,860.23

-0.08

Vietnam

686.72

684.02

+0.27

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