SET extends gains, Indonesia stocks jump

SET extends gains, Indonesia stocks jump

An investor looks at a board showing stock information at a brokerage office in Beijing. Southest Asian stocks rose on Monday as broader Asian shares rallied. (Reuters photo)
An investor looks at a board showing stock information at a brokerage office in Beijing. Southest Asian stocks rose on Monday as broader Asian shares rallied. (Reuters photo)

The Stock Exchange of Thailand index rose 0.51%, while Indonesia shares jumped 2%, as broader Asian shares rallied after weeks of losses amid worries over a trade war between the United States and China.

Asian shares also took heart from favourable US jobs data that underscored the economy's strength, and China's efforts to attract more foreign capital and cushion its economy following the implementation of US tariffs on Chinese imports last week.

"Lately we've seen some recovery in the Chinese market, given the fact that it has lost substantially over the past few weeks. This has also boosted sentiment in the regional markets," said Manny Cruz, an analyst with Asiasec Equities Inc.

China's securities regulator said on Sunday it plans to ease restrictions on foreign investment in stocks listed on the Shanghai or Shenzhen exchanges.

The Shanghai Composite Index ended 2.5% higher, its biggest one-day rise since May 2016, while the blue-chip CSI300 Index finished up 2.8%, its best since August 2016.

The SET index closed 8.20 points or 0.5% higher to close at 1,622.96, extending gains into a second session.

PTT Plc ended 1.6% and PTT Exploration and Production Plc jumped over 3% as global oil prices rose on potentially tight market conditions.

Indonesian shares jumped to a near two-week closing high, boosted by financials. Bank Central Asia soared 4.7%.

Singapore shares climbed 1.2%, boosted by financials. DBS Group Holdings rose 1.4%, while United Overseas Bank Ltd gained 1%.

Malaysian shares climbed 0.5% with telecommunication services provider Axiata Group ending 5.7% higher.

Meanwhile, Philippine shares ended flat with losses in consumer stocks offseting gains in financials and industrials. SM Investment rose 1.3%, while Metropolitan Bank & Trust Co fell to its lowest close in one-and-a-half years.

Vietnam shares erased early gains to closed 0.3% lower. 

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