Thai stocks hit 2-month closing high, lead Southeast Asia peers

Thai stocks hit 2-month closing high, lead Southeast Asia peers

The Stock Exchange of Thailand main index outperforms other Southeast Asian markets on Monday. (Bangkok Post file photo)
The Stock Exchange of Thailand main index outperforms other Southeast Asian markets on Monday. (Bangkok Post file photo)

Most Southeast Asian stock markets rose on Monday as energy stocks gained due to disruptions from Hurricane Harvey that battered the US Gulf Coast, with Thailand closing at a two-month high as easing political tensions boosted sentiment.

US traders were seeking to import oil product cargoes from North Asia after Harvey forced refineries across the US Gulf Coast to shut down, refining and shipping industry sources said on Monday.

Sentiment was also supported as China's major stock indexes rose to 20-month highs on Monday, lifted by financial shares and a spate of forecast-beating earnings reports from state industrial giants.

In Southeast Asia, the Stock Exchange of Thailand rose 0.6% to close at their highest since June 27, spurred by broad-based gains.

Former prime minister Yingluck Shinawatra fled the country ahead of a ruling against her in a negligence trial, leaving the populist movement that has dominated politics for a generation leaderless and in despair.

This has eased political tensions and has provided a short-term boost to the stock market, said Teerada Charnyingyong, a strategist at Phillip Capital Thailand.

The Singapore index closed 0.25% higher, with financials and energy stocks leading the gains.

Complex refining margins in Singapore, which already hit their highest in August in five years, could get a further boost from Harvey.

Vietnam shares rose 0.7% to hit their highest in nearly three weeks.

Indonesian shares however fell slightly, with Telekomunikasi Indonesia down 0.8% and Bank Rakyat Indonesia 0.7% lower.

An outage from a satellite belonging to Telekomunikasi Indonesia led to thousands of ATMs and electronic card payment machines in the nation going offline over the weekend.

The Philippine market was closed for a local holiday.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

5,903.34

5,915.36

-0.20

Malaysia       

1,769.49

1,769.17

+0.02

Philippines                 

 

 

Closed for a holiday

Singapore                 

3,267.62

3259.57

+0.25

Vietnam        

777.26

771.63

+0.73


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