SET closes higher, SE Asia stocks end week on cheery note

SET closes higher, SE Asia stocks end week on cheery note

The Stock Exchange of Thailand main index rises 0.11% on Friday to close at 1,821.34. (Bangkok Post photo)
The Stock Exchange of Thailand main index rises 0.11% on Friday to close at 1,821.34. (Bangkok Post photo)

The Stock Exchange of Thailand main index slightly gained on Friday, while other markets in the region notched up weekly gains and finished higher after data showed China's growth accelerated for the first time in seven years.

The SET index rose 2.02 points, or 0.11%, to close at 1,821.34 in heavy trade worth 78 billion baht.

Vietnam ended 1.1% higher, having earlier hit its best level since November 2007, and marked a fifth straight week of gains. 

Foreign net buying supported the rise but the market might correct slightly in the short-term, said Bui Nguyen Khoa, head of macro research at BIDV Securities Company.

However, the index is likely to cross the 2007 peak in the year's first quarter, he added.

The Philippine index climbed 1.1%, with banks accounting for the majority of gains and top gainer Bank of the Philippine Islands setting a record close.

Positive agricultural data and upcoming gross domestic product (GDP) data next week has fed buying sentiment, said Lexter Azurin, an analyst with AB Capital Securities in Manila.

Philippines' agricultural output grew 2.2% in the fourth quarter, bringing full-year expansion to 3.95%. 

The country's third-quarter GDP growth was revised to 7% from the earlier announced 6.9%. Philippines will release its fourth-quarter GDP data on Jan 23.

Malaysia gained 0.4% and closed on a positive note for an eighth straight week, its longest streak of weekly gains since 2002. 

Utilities and financials led gains with power generator Tenaga Nasional topping the index and Petronas Gas adding 5.1%. 

Singapore ended 0.8% higher, rising for a fourth straight week, to mark its longest run of weekly gains since 2012. 

Indonesian shares finished 0.3% higher and gained 1.3% this week, its best in three. 

China's better-than-expected economic growth in the fourth quarter of last year was supported by continued strength in the services industry and an expanding agricultural sector, data showed.

"China's good fourth-quarter growth suggests the authorities have executed a calibrated and judicious de-risking in the financial sector, carefully balancing financial stability and keeping the economy on an even keel" said Mizuho Bank in a note.

Southeast Asian stock markets

 

 

Current

Previous

% change

Thailand

1,821.34

1,819.32

+0.11

Indonesia                

6,490.89

6,472.66

+0.82

Malaysia                

1,828.83

1,821.60

+0.40

Philippines                 

8,915.92

8,820.74

+1.08

Singapore                 

3,550.36

3,521.31

+0.82

Vietnam       

1,062.07

1,050.25

+1.13

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