Friday, November 22, 2024

SE Asia Stocks-Singapore hits near 3-wk high on growth data

Tuesday, January 2, 2018, 10:30
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By Aditya Soni Jan 2 (Reuters) - Singapore shares climbed nearly 1percent on Tuesday, buoyed by data showing the city-state'seconomy grew last year at its fastest pace since 2014, whileIndonesia reversed course to end lower after touching arecord high. The Singapore index closed at its highest since Dec.14, with financials leading the gainers. Index heavyweight DBSGroup Holdings Ltd was up 1.4 percent, whileOversea-Chinese Banking Corp Ltd rose 0.8 percent. "Today's data affirm that the recovery is broadening out,"said Irvin Seah, an economist at DBS Bank. "The services sectoris likely to take over from the manufacturing sector as the mainengine of growth in 2018." Although advance estimates showed Singapore's economicgrowth slowing in the fourth quarter as factories lost steam, aservices sector recovery has bolstered expectations the centralbank could tighten monetary policy as early as April. The affluent-state's full-year growth came in at the top endof the government's official 3.0-3.5 percent forecast range, itsfastest expansion in three years. In Indonesia, shares closed down 0.3 percent,dragged down by financials and stocks of telecommunicationservices providers. It hit a record high earlier in the session. Bank Mandiri lost 1.9 percent, while clovecigarettes maker Gudang Garam fell 2.7 percent. Malaysia snapped three consecutive sessions ofgains, led by consumer staples and telecommunication services. "This is most likely the reaction towards strong shareprices in the previous (trading) days," said Jolynn Kek,investment manager at Aberdeen Asset Management. "It's only thefirst day of trading for the year, so it's hard to say (if) it'sindicative of a longer term trend." Sime Darby Plantation Bhd slumped 8.5 percent,while Malayan Banking Bhd slipped 1.4 percent. Vietnam shares rose for a seventh straight session toend at their highest since November 2007, with financial stocksleading. BIDV climbed to a more than two-year high, whileVPBank hit a record high. Stock markets in Thailand and the Philippineswere closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous close Pct Move Singapore 3430.3 3402.92 0.80 Jakarta 6339.238 6355.654 -0.26 Kuala Lumpur 1782.7 1796.81 -0.79 Ho Chi Minh 995.77 984.24 1.17 Change on year Market Current End 2017 Pct Move Singapore 3430.3 3402.92 0.80 Jakarta 6339.238 6,355.65 -0.26 Kuala Lumpur 1782.7 1796.81 -0.79 Ho Chi Minh 995.77 984.24 1.17 (Reporting by Aditya Soni in Bengaluru; Additional reporting byLiz Lee from Kuala Lumpur; Editing by Biju Dwarakanath)

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