South East Asian markets: Indonesia at record close; Vietnam leads gain
Southeast Asian stock markets rose on Friday as energy shares gained along with global oil prices and inflows boosted selected telecom stocks, bringing the Indonesian index to a record closing high and Philippines near a record close. The Jakarta composite index finished up 0.6 percent at 5,374.17, topping the previous record close of 5,348.47 hit on February 9.
Copyright Reuters, 2015
Shares of Telkom Indonesia, among the actively traded, jumped 2.9 percent to a record closing high on foreign buying, Thomson Reuters data showed. Indonesia reported late on the day that its current account deficit narrowed to 2.81 percent of gross domestic product (GDP) in the last quarter of 2014 from a revised 2.99 percent in July-September. The Philippine main index ended up 0.8 percent at 7,773.45, near its record close of 7,782.57 set on February 9.
Philippine Long Distance Telephone ros 2.2 percent, boosted by foreign-led buying, stock exchange data showed. The rally was in line with its US-listed shares, which closed up almost 2 percent overnight. Energy stocks were actively traded across exchanges, led by Malaysia's Tenega Nasional, Thailand's PTT and Singapore's Keppel Corp, as oil rose above $60 a barrel on Friday for the first time this year. Markets ended the week with mixed performances. Vietnam posted a weekly gain of 2.3 percent and was Southeast Asia's best performer, while Malaysia slipped 0.7 percent on the week, the worst. Vietnam's markets will be closed on February 16-23 for the Lunar New Year holiday. Trading will resume on February 24.