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Wednesday, September 13, 2017       14:08 WIB
SE Asia Stocks-Thailand rises for 10th session, hits 24-yr high

September 13, 2017 / 11:59 AM / Updated 2 hours ago

Reuters Staff

By Chris Thomas

    Sept 13 (Reuters) - Thai shares rose to their highest in nearly 24 years on Wednesday, set for a 10th straight session of gains, while most other Southeast Asian stock markets edged up in tandem with Wall Street, which hit record highs overnight.

    The Thai index rose as much as 0.4 percent to levels not seen since January 1994. Telecom company Advanced Info Service Pcl and oil and gas refiner PTT Pcl led the gains on the index, rising as much as 1.3 percent and 0.5 percent, respectively.

    On Wall Street, major indexes hit record closing highs, as concerns over tensions between the United States and North Korea eased and the financial impact from Hurricane Irma appeared less severe than was feared last week.

    "Financial markets seem to have abruptly stopped worrying about the end of the world, with stocks soaring again, bond yields pushing higher, and safe haven currencies such as the JPY selling off," ING analysts wrote in a note.

    Philippine shares rose as much as 0.7 percent to its highest since Aug. 17, as trading resumed after a market shutdown in the previous session on account of floods in the region.

    Property developer Ayala Land was among the top boosts to the index, climbing 1.4 percent to hit a near seven-week high.

    "With the U.S. markets so strong, there is some degree of mimicking of Wall Street," said Joseph Roxas, president of Manila-based Eagle Equities Inc.

    The Philippine markets also lost a day of trade, so the effect is more pronounced, he added.

    The country`s trade deficit narrowed in July as exports jumped and imports declined for a second straight month, a good omen for economic growth in the third quarter, data showed on Tuesday.

    Malaysian shares inched up to their highest since June 19 in early trade, but pared the gains to trade marginally lower.

    Vietnam shares climbed 0.6 percent, while the Indonesian index rose slightly.

    Meanwhile, Singapore shares fell as much as 0.5 percent. Lender DBS Group Holdings and beer manufacturer Thai Beverage drove the losses, slipping 0.7 percent and 1.1 percent, respectively.

SOUTHEAST ASIAN STOCK MARKETS: Change at 0447

Market

Current

Previous Close

Pct Move

Singapore

3228.11

3235.69

-0.23

Bangkok

1649.78

1643.55

0.38

Manila

8093.99

8049.31

0.56

Jakarta          

5880.353

5872.377

0.14

Kuala Lumpur

1788.43

1789.86

-0.08

Ho Chi Minh

801.66

799.94

0.22

(Reuters.com)


 





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