Singapore stocks post 15-month closing high

Singapore stocks post 15-month closing high

Other Southeast Asia markets largely up

Office workers walk to the train station in the financial district of Singapore. The stock market in the country posted its highest score in 15 months on Thursday. (Reuters photo)
Office workers walk to the train station in the financial district of Singapore. The stock market in the country posted its highest score in 15 months on Thursday. (Reuters photo)

Most Southeast Asian stock markets closed higher on Thursday as investors grew more confident about China, with Singapore bouncing back from its previous session's losses to post its highest close in 15 months on the back of strong corporate earnings.

A rally in commodity prices in recent weeks led by copper and iron ore along with gentle policy tightening by Beijing via money market rates, had led to a more optimistic view of Chinese corporate earnings, analysts said. 

Earnings growth for MSCI China is expected at nearly 15% over the next 12 months, slightly ahead of 13% projected for companies in MSCI Asia outside Japan, according to Thomson Reuters data.

"Developed markets are looking better, China has stabilised," said Linus Loo, head of research at Lim & Tan Securities.

Singapore shares closed at their highest level since October 2015 with telecoms and industrials driving the gains.

Singapore Telecommunications Ltd rose 1% on the back of strong quarterly earnings.

Singapore Technologies Engineering Ltd and Singapore Airlines Ltd were among the biggest gainers, rising 1% and 1.4%, respectively.

Singapore Airlines announced a $13.8 billion order to buy 39 Boeing wide-body aircraft.

Philippine shares rose for the first time in three sessions on the back of gains in financial and telecom stocks.

After market hours, the Philippine central bank kept its benchmark interest rate unchanged at 3%, with inflation edging up but expected to remain within its comfort zone for sometime.

PLDT Inc rose 4.4%, while Ayala Corp gained 1.2%.

Indonesian shares closed slightly higher, helped by financial stocks.

Malaysia was closed for a public holiday.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia

5,372.07

5,361.08

+0.20

Malaysia

 

 

Closed for a public holiday

Philippines

7,252.66

7,234.82

+0.25

Singapore

3,079.96

3,066.53

+0.44

Vietnam

700.65

702.04

-0.20


Do you like the content of this article?
COMMENT

Philippines bans travellers from France to prevent Omicron spread

MANILA: The Philippines will ban travellers coming from France to prevent the spread of the Omicron Covid-19 variant, the presidential office said on Wednesday.

18:09

Pattaya eyes EVs for public transport

Pattaya City Municipality is preparing to buy electric vehicles (EVs) for its public transport system, to improve the environment under its Neo Pattaya project.

17:34

Biggest seizure of contraband cigarettes this year

SONGKHLA: Smuggled foreign cigarettes worth about 20 million baht were seized and six people arrested on a fishing boat docked at a pier in Singha Nakhon district on Wednesday, 2nd Naval Area commander V/Adm Sunthorn Khamklai said.

17:32