Singapore, Malaysia shares up on US economic data

Singapore, Malaysia shares up on US economic data

A woman walks past an electronic stock indicator of a securities firm in Tokyo. Southeast Asian markets rose on Thursday, floowing stronger Asian peers. (AP photo)
A woman walks past an electronic stock indicator of a securities firm in Tokyo. Southeast Asian markets rose on Thursday, floowing stronger Asian peers. (AP photo)

Most Southeast Asian stock markets rose on Thursday, following stronger Asian peers, as sentiment was upbeat on encouraging economic data from the United States.

Data released on Wednesday showed that activity in the world's largest economy's services sector boomed to an 11-month high in September. 

However, growing optimism about the US economy raised bets that the Federal Reserve might hike rates in December.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%.

Singapore shares climbed to their highest in a month, aided by gains in financials, the biggest constituent of the index, and industrial stocks.

"I think data from the United States overnight and a rise in oil prices boosted investor sentiment," said Ong Kian Lin of RHB Securities Singapore Pte Ltd. "Market conditions definitely look quite peaceful now."

Oil prices had jumped overnight to hit their highest since June. Although they dipped on Thursday, prices still remained near more than three-month highs.

Malaysian shares posted their third session of gains, while the Philippines ended marginally lower.

The Jakarta Composite Index fell for a second day, dragged down by telcos and consumer cyclicals.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia

5,409.34

5,420.64

-0.21

Malaysia

1,666.73

1,662.92

+0.23

Philippines

7,620.16

7,639.79

-0.26

Singapore

2,885.22

2,880.69

+0.12

Vietnam

687.32

684.04

+0.04


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