Southeast Asian stocks rise
14 March 2016, Nirapad News: Southeast Asian stock markets rose on Monday, led by Singapore and the Philippines, as investors added risk positions on expectations the US Federal Reserve may not consider an interest rate hike at a meeting this week.
Singapore’s key Straits Times Index traded up about 1.0 per cent at its highest since Jan. 4.
The Philippine composite index climbed 1.3 per cent to a more-than-4-month high, extending its winning spell from the previous week.
The Thai SET index rose 0.8 per cent, breaching the key 1,400 level for the first time since Nov. 9. The index is poised for a limited upside near term, brokers said, with its 14-day relative strength index (RSI) near 70, just shy of the overbought level.
In Jakarta, shares were up almost 1.0 per cent, extending Friday’s advance and ahead of the Indonesian central bank’s monetary policy meeting on Thursday.
Gains in Malaysia and Vietnam were relatively modest while shares in Asia rose about 1.0 per cent, beginning a central bank-focused week on a firm footing and following a strong close of stocks in the Unites States on Friday.
Energy and dividend-yielding stocks were among the top gainers on MSCI’s index of Southeast Asia, led by a 12 per cent surge in Philippine Long Distance Telephone Company and a 4.2 per cent jump in Thai PTT Global Chemical.