SE Asia Stocks: Firmer; Malaysia is near a record high
BANGKOK, June 20 – All Southeast Asian stock markets gained today for a third straight day as hopes for new monetary stimulus by major central banks and the US Federal Reserve helped boost investor appetite for risky assets.
Investors hope that Europe’s worsening debt crisis and faltering global growth will prompt a new round of monetary stimulus.
“Everybody is hopeful major central banks will be looking for coordinated effort,” to avert faltering global growth amid the lingering euro zone debt crisis,” said Song Seng Wun, an economist at CIMB, based in Singapore.
Malaysia gained 0.6 per cent in heavy trading volume to 1,604.39 points, near its record high of 1,609.33 hit on April 3. There was a net foreign inflow of US$12.07 million.
Indonesia, the region’s worst performing stock market this year, rose 1.6 per cent to a four-week high even though there was net foreign selling of US$7.7 million. The Philippines gained 1.3 per cent to its highest since May 11 while Singapore added 0.5 per cent to hit a five-week high.
Thailand edged up 0.01 per cent to its highest since May 17 and Vietnam added 0.4 per cent. – Reuters