SET index gains on export data, Indonesia stocks top loser

SET index gains on export data, Indonesia stocks top loser

Better-than-expected exports data boosted Thai shares, while Indonesian and Malaysian stocks led losses on Wednesday tracking Asian peers as mounting concerns about slackening global growth hurt sentiment and battered Wall Street.

The Stock Exchange of Thailand index added 5.30 points or 0.33% to 1,617.33, in trade worth 46.96 billion baht, led by gains in financial and real estate sectors.

Thailand's customs-cleared exports rose a higher-than-expected 8.7% in October after a surprise decline in the previous month, the Commerce Ministry said on Wednesday.

Property developer Central Pattana Plc firmed up 1.7%, while Siam Commercial Bank Plc gained 1.1%.

US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, while retailers including Target and Kohl's sank after weak earnings and forecasts, fuelling worries about economic growth.

The Indonesian benchmark index was the top loser in Southeast Asia, dropping about 1%, weighed down by financial and energy stocks.

Oil bounced by more than 1% on Wednesday to claw back some of the previous day's 6% plunge, lifted by a report of an unexpected decline in US commercial crude inventories and record Indian crude imports.

Unilever Indonesia Tbk PT dipped 1%, while United Tractors Tbk PT plunged 7.1%.

Malaysian stocks slumped 0.9%, with telecommunication firm Axiata Group dropping 2.6% and Malaysia Airports Holdings Bhd declining 2.3% to an over two-week closing low.

Philippine shares were off 0.5%, snapping a five-session winning streak, dragged by losses in industrial and financial stocks.

Conglomerate SM Investments Corp shed 2.1%, while BDO Unibank Inc extended losses to a second straight session, slipping 1.8%. 

Singapore stocks edged up 0.4%, ending a two-day losing run, driven by gains in financial stocks.

Oversea-Chinese Banking Corp rose 0.7%, while rival bank United Overseas Bank Ltd climbed 1.1%.

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