SET, other SE Asia stocks gain as US rate fears ease

SET, other SE Asia stocks gain as US rate fears ease

The Stock Exchange of Thailand index ends higher on Friday, in line with most regional markets. (Bangkok Post photo)
The Stock Exchange of Thailand index ends higher on Friday, in line with most regional markets. (Bangkok Post photo)

The Stock Exchange of Thailand rebounded on Friday, while most Southeast Asian stock markets also closed higher on Friday, in line with broader Asia, after comments from Federal Reserve officials eased worries about faster rate hikes in the United States.

The SET main index rose 19.43 points, or 1.09%, to wrap up the week at 1,808.06, in trade worth 58.51 billion baht.

Financials drove Singapore shares 1.3% higher and the FTSE Straits Times Index ended the week 2.6 % firmer, its best in over one year.

United Overseas Bank Ltd rose 2% while DBS Group Holdings and Oversea-Chinese Banking Corporation Ltd climbed over 2% each to all-time closing highs.

The city-state reported no consumer inflation in January, for the first time since late 2016, due to lower accommodation and private road transportation costs, data showed on Friday.

Vietnam shares marched 2.5% higher and were up for a fourth session in five. Financials led the gains, with Vietcombank climbing 6.9% to a record close.

The index ended the week 4.1% higher, and is the best performer in the region so far this year, having gained 12.1%.

Indonesian shares rose 0.4 % on broad-based buying.

However, Philippine shares fell 0.6% and settled at their lowest since Dec 22 as industrials, financials and real estate stocks lost ground.

Conglomerate JG Summit Holdings Inc was the biggest drag, down 2.8% at its worst close since late-December.

The benchmark finished the week 1.7% lower and is the only loser so far this year in the region.

St Louis Fed President James Bullard said on Thursday that policymakers need to be careful not to increase rates too quickly as that could slow the economy, while Dallas counterpart Robert Kaplan said three rate increases in 2018 was a "reasonable" base case.

E-Mini futures for the S&P 500 were trading 0.3% higher. The index took a hit on Wednesday after minutes of the Fed's last meeting showed inflation would perk up, possibly setting the stage for additional rate hikes.

Asia shares ex-Japan were up over 1%.

Southeast Asian stock markets

 

 

Current

Previous

% change

Thailand

1,808.06

1,788.63

+1.09

Indonesia                

6,619.80

6,593.06

+0.41

Malaysia                

1,861.50

1,855.07

+0.35

Philippines                 

8,467.56

8,515.57

-0.56

Singapore                 

3,533.22

3,488.46

+1.28

Vietnam       

1,102.85

1,076.03

+2.49

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