SE Asia Stocks: Singapore, Indonesia, Thailand rise to 1-week high
BANGKOK, June 27 – Stocks in Singapore, Indonesia and Thailand rose to one-week closing high today as buying interest picked up in large cap stocks and banking shares recently hit by falling appetite for riskier assets.
Singapore’s Straits Times Index gained 1.3 per cent, reversing four sessions of losses, Jakarta’s Composite Index and Thai SET index both rose for a second session, adding 1.4 per cent and 1.3 per cent, respectively.
Domestic institutions were bullish on Thai stock market as growing domestic consumption boded well for the outlook of certain sectors such as consumer and banking, but some foreign funds remained cautious, said Viwat Techapoonphol, senior strategist at broker Tisco Securities.
Foreign investors continued to take money out of Thai stocks, with the outflows extending for the second month, in line with Indonesia but contrasting with inflows into the Philippines, according to Thomson Reuters data.
Thai stocks had net foreign selling of US$430 million in the month to June 26, ahead of Indonesia’s net foreign outflows of US$272 million for the same period while the Philippines reported US$160 million worth of foreign inflows. – Reuters