BANGKOK, Feb 20 – Philippine shares climbed 1.3 per cent to their all-time highs, and other Southeast Asian stock markets posted modest gains today, helped by selective buying in blue chip firms as commodities-related shares gained along with high oil prices.
Across the region, investor appetite for riskier assets was boosted by a surprise policy easing by China and expectations that Greece would secure a second bailout deal.
MSCI’s broadest index of Asia Pacific shares outside Japan was trading up 0.68 per cent by 0944 GMT while the MSCI index for Southeast Asia, made up of selected stocks, was up 0.9 per cent.
Singapore’s Straits Times Index ended up 0.7 per cent and Malaysia’s main index was 0.2 per cent higher.
Vietnam’s Ho Chi Minh Stock Exchange index gained 2.7 per cent, with foreigners buying US$3.98 million (RM12.03 million) worth of shares amid hope that the country’s macro outlook was getting better with inflation and interest rates easing.
Jakarta’s Composite Index was up 0.09 per cent, recouping early losses, and Thailand’s SET index finished up 0.5 per cent. Most markets had a choppy session, with declining volumes and a bout of profit taking.
“Regional markets are facing some profit-taking. There has been a good rally in share prices, which was a bit faster than expected. So, people are more likely to look to lock in gains,” said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities in Bangkok.
Thailand’s worse-than-expected fourth quarter GDP growth, due to devastating flooding and expectations of weak performance for the first quarter, kept investors cautious.
Gains in energy shares, which have the biggest weight on Thailand’s benchmark SET index, helped drive the broad market, with top energy firm PTT Pcl, the biggest by market value, climbing 2.9 per cent.
PTT reported a drop of 26 per cent in quarterly net profit, in line with market expectations. Investors bought the stock following its second-half dividend announcement and as good energy demand bolstered its earnings outlook.
Commodities-related shares led gainers in the region along with US crude prices. Singapore’s Noble Group rose 1 per cent while Malaysia’s Sime Darby was up 0.4 per cent and Indonesia’s Bumi Resources gained 1 per cent.
In Manila, Metropolitan Bank & Trust Co, the Philippines’ second biggest lender by assets, jumped 3.5 per cent, after Friday’s 1.6 per cent climb following the bank’s report of a 32 per cent rise in 2011 net income.
In Singapore, property firms with large exposure to China were among the biggest gainers. CapitaLand Ltd rose 3.5 per cent while its shopping mall unit CapitaMalls Asia added 4.8 per cent. – Reuters
