ASEAN KEY DESTINATIONS
The MSCI index of Asian shares outside Japan rose 0.58 percent to their highest level since June 2008 while the MSCI index of global stocks.
Asian stocks rose and neared 22-month highs on Thursday after U.S. tech and financial firms beat earnings forecasts and China’s accelerating economic growth underpinned hopes of a broad, global economic recovery.
A surprise move earlier in the week by Singapore’s central bank to allow its currency to appreciate, a Moody’s sovereign rating upgrade of South Korea and China’s strong GDP numbers are all being seen as signals of Asia-led global economic growth.
China’s annual economic growth quickened in the first quarter to 11.9 percent, the fastest pace since 2007, benefiting from a low base last year and the momentum imparted by massive bank-financed stimulus.
Oil rose past $86 on Thursday to within a dollar of 18-month highs as surging Chinese economic growth and a potential spike in demand.
Indonesia gained 0.54 percent Mining shares led the rise in Indonesian stocks with a 5.1 percent rise in PT International Nickel Indonesia (INCO) and 2.3 percent in Adaro Energy (ADRO).
Singapore’s Straits Time Index edged down 0.1 percent after hitting a new 21-month high during trade.
In Kuala Lumpur, the index .KLSE closed up 0.2 percent led by a 2.4 percent gain in telecoms firm Axiata Group (AXIA) and a 1.4 percent rise in Genting Group (GENT). Public Bank (PUBM), Malaysia’s third largest lender by assets, posted a 16 percent growth in its net profit for the first quarter and analysts expect the country’s banking industry to head for a strong earnings recovery this year supported by strong economic growth.
The Philippines index lost 0.6 percent after touching an over 26-month high led by a 1.6 percent fall in market heavyweight Philippines Long Distance Telephone (TEL) and a 4.6 percent drop in Aboitiz Equity Ventures.
Foreign investors have bought a net 8.8 billion pesos ($200 million) worth shares as of April 8 this year.
Vietnam rose 1.02 percent, led by a 4.7 percent gain in property developer Vincom VIC.HM due to the current rally in land prices and a 1.1 percent rise in diary firm Vietnam Diary VNM.
Thailand’s financial markets will reopen on Friday after the country’s new year holiday. While I would not suggest rushing in on Friday, a very large opportunity is about to open it’s doors in Bangkok as Real Estate and Stocks will both take a hit tomorrow, and into the coming weeks and months. However that is not going to be a long term trend, the long term trend is up.
As many will see the political turmoil as a reason to exit, hotels and resorts will suffer from a fall in revenue, for those that have faith in the Thai economy there will be huge bargians.
The Thai Stock Exchange (SET) will be hammered, but it is already one of the cheapest in Asia, so any discount on the current levels will be an opportunity to good to miss. Exporters and manufacturing businesses will not be affected by the current problems, but will certainly be trading much lower in the coming days.
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