ASEAN KEY DESTINATIONS
ASEAN Markets Hold Gains
ASEAN stocks held their gains and many rallied in Friday trading after performing beeter than the rest of the world’s markets this week as regional optimism shielded investors from nagging worries over European debt and mixed global economic data.
ASEAN markets also gained positive fund flows in the week amid strong trade data in May, including that of Thailand and Singapore, which analysts said helped boost hopes that economic growth was on track and boded well for market outlooks.
Gains in ASEAN stocks have been leading the rest of Asia this year, with MSCI’s Indonesia up 7.9 percent, MSCI’s Thailand up 6.1 percent and MSCI’s Malaysia up 1.2 percent. MSCI’s Singapore eased 3.5 percent, compared with a 6.05 percent fall of MSCI’s index of Asian shares outside Japan.
For the week, Indonesia gained 4.6 percent, Southeast Asia’s best performer, as measures set out by its central bank to manage capital flows have been seen as helping strengthen its financial market stability, supporting sentiment on the stock market.
Jakarta recorded net foreign inflows, for a fourth straight week, of $242.6 million, while the Phillipines .PSI gained a net $28 million in foreign buying for the week. Consumer and banking stocks extended gains in Jakarta, with automotive distributor Astra International (ASII.JK) up 4.1 percent and state lender Bank Mandiri (BMRI.JK) up 3.5 percent. Thailand gained 2.9 percent for the week, the second best, as investors selectively bought energy and banks, with a strong trade data in May helping ease worries about the health of the economy after political unrest.
Singapore shares closed lower on Friday, with the benchmark Straits Times Index at 2,833.4, down 0.37 per cent, or 10.55 points.
About 960.2 million shares exchanged hands.
Losers beat gainers 201 to 187.
In Bangkok, energy firm, PTT PTT.BK, rose 0.4 percent on Friday and number four bank, Kasikornbank KBAN.BK, gained 0.8 percent.
Top five most active values were as follows;
TMB closed at 1.42 baht, up by 0.04 baht or 2.90 per cent.
CPF closed at 19.50 baht, down by 0.30 baht or 1.52 per cent.
BANPU closed at 628.00 baht, down by 8.00 baht or 1.26 per cent.
PTT closed at 252.00 baht, up by 1.00 baht or 0.40 per cent.
PTTCH closed at 103.00 baht, down by 4.00 baht or 3.74 per cent.
Ebeling Heffernan has upgraded Malaysia and Thailand.
Global Markets By Region
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