Southeast Asia stocks rise, Singapore leads gains

Southeast Asia stocks rise, Singapore leads gains

SET index up for second straight session

Southeast Asian stock markets closed higher on Thursday, with Singapore leading the gains with a near 1% rise, driven by a post-election rally on Wall Street and China's stronger-than-expected October export data.

Wall Street rose 2% on Wednesday as investors breathed a sigh of relief following the US midterm elections, betting that a divided Congress would be good news for equities.

China reported stronger-than-expected exports for October as shippers rushed goods to the United States, its biggest trading partner, racing to beat higher tariffs that come into force in January next year.

Exports rose 15.6% in October from a year earlier, China's customs data showed.

"Front-loading export activities should continue in November and December. So export growth data will continue to be stronger than in previous holiday seasons," ING wrote in a note to clients.

China is the biggest trade partner for most countries in Southeast Asia.

Investors also awaited the US Federal Reserve's monetary policy decision due later in the day. The Fed is not expected to raise interest rates until its next gathering in December,

however market participants are waiting to see whether it offers clues about possible rate increases in December and in 2019.

Singapore shares gained 0.9%, buoyed by industrial and energy stocks. Keppel Corp closed 1.6% higher, while conglomerate Jardine Matheson Holdings rose 3.2%.

The Stock Exchange of Thailand index rose for a second straight session, gaining 6.40 points or 0.38% to end the day at 1,681.73.

The market was helped by gains in energy stocks as crude oil prices climbed. Index heavyweight PTT Plc gained 1% to a one-week closing high, while Thai Oil Plce rose 0.9%.

Indonesian shares rose for an eighth session in a row and posted their highest close since Aug 31, driven by gains in telecommunication and utility stocks. Tiphone Mobile Indonesia surged nearly 23% to a more than three-month closing high.

Malaysian shares closed higher for a second consecutive session on the back of telecom stocks. Telecommunications firm Digi.com climbed 1.4%, while Maxis Bhd rose 2%.

Philippine shares recovered from a two-week low to close almost flat. Diversified conglomerate San Miguel Corp rose 6.4%, while Semirara Mining and Power Corp fell 3%.

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