Southeast Asia stocks end higher ahead of ECB meet

Southeast Asia stocks end higher ahead of ECB meet

The headquarters of the European Central Bank are illuminated with a giant euro sign in Frankfurt on March 12, 2016. Southeast Asian stocks ended higher on Wednesday ahead of its policy meeting. (Reuters photo)
The headquarters of the European Central Bank are illuminated with a giant euro sign in Frankfurt on March 12, 2016. Southeast Asian stocks ended higher on Wednesday ahead of its policy meeting. (Reuters photo)

Most Southeast Asian markets ended higher on Wednesday tracking Asian peers with investors awaiting the upcoming European Central Bank (ECB) policy meeting for cues.

The ECB is expected to announce a six-month extension to its quantitative easing programme next week, according to a majority of economists polled by Reuters. 

Given that markets are eager for catalysts, ECB's QE extension would be considered positive for equities, according to Taye Shim, head of research at Daewoo Securities Indonesia.

MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.5%, while European shares also gained in early trade.

The Philippines was the top performer in the region with gains led by financials and industrials.

GT Capital Holdings Inc jumped 4.1% to a more-than-three-week high, while BDO Unibank Inc closed 1.6% higher.

Conglomerate Aboitiz Equity Ventures Inc was the biggest contributor to the index, notching up its best intraday percentage gain in seven weeks to end up 4.03%. 

Singapore extended gains, aided by financials and telecom stocks.

Singapore Telecommunications Ltd ended up 1.07%. Its unit announced a $40 million contract extension with specialist security provider Suretek on Tuesday.

Lender DBS Group Holdings Ltd ended up for a sixth session, hitting its highest in more than 15 months.

Indonesian shares ended slightly lower. Declines in telecom and consumer staples offset gains in financials, with Telekomunikasi Indonesia weighing the most on the index.

Unilever Indonesia Tbk PT and cigarette maker Gudang Garam Tbk PT also dragged the index, while Perusahaan Gas Negara eased on lower oil prices.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia

5,265.36

5,272.96

-0.14

Malaysia

  1,632.47

1,629.73

+0.17

Philippines

6,866.81

6,806.14

+0.89

Singapore

2,959.84

2,949.13

+0.36

Vietnam

653.53

651.49

+0.31

Do you like the content of this article?
COMMENT