SE Asia Stocks: Most firmer; S&P upgrade buoys Vietnam
BANGKOK, June 7 – Southeast Asian stock markets traded mainly flat to higher today amid hopes about debt situation in Europe and gains in commodities-related stocks, with Vietnam leading the way after the credit upgrade by ratings agency Standard & Poor’s.
Vietnam’s index of Ho Chi Minh Stock Exchange jumped as much as 2.4 per cent and ended the day up 1.88 per cent at a one-week high of 434.41. The Southeast Asia’s best performer has racked up gains of nearly 24 per cent so far this year.
The upgrade stoked expectations of increased fund flows and lower borrowing costs. Foreign investment to Vietnam has been negative so far this month, in line with others in the region.
Vietnam had US$7.8 million in foreign outflows in June to yesterday. For the same period, the Philippines reported US$19 million in outflows, Thailand had US$143 million in outflows and Indonesia posted US$158 million in outflows.
Stocks in the Philippines, Malaysia and Thailand gained 1.1 per cent, 0.4 per cent and 0.05 per cent, respectively. Singapore and Indonesia retreated from day highs to end a tad lower. – Reuters