Southeast Asian markets post double-digit yearly gains; Philippines, Indonesia set records

Southeast Asian stock markets closed higher on the final trading day of the year, posting double-digit annual gains in percentage terms, led by Vietnam with a 48 percent yearly gain, and the Philippines, which notched up 25 percent. Philippine and Indonesian shares also set closing records on Friday, ending on an upbeat note the year in which global equities and commodities saw steep gains.
"The Philippines, along with Indonesia and Vietnam, is expected to do well in 2018," said Manny Cruz, an analyst with Asiasec Equities Inc in Manila. Philippine shares gained 1.5 percent on the week, bringing the monthly gain to nearly 4 percent. The year, in which Fitch upgraded the country's credit rating and the Philippine Congress passed a key tax reform plan, marked the best for stocks since 2014 and snapped two straight losing years.
Indonesian shares gained 2 percent on the week and nearly 7 percent on the month, marking their 11th month of gains in 12. The index marked its best year since 2014 with a yearly gain of 20 percent. Vietnam shares marked their sixth straight winning year, having added 3.4 percent on the week, bringing the monthly gain to 3.6 percent.
Singapore shares gained 0.5 percent this week, snapping three weeks of losses, but still posted a 1 percent loss in December. However, the city state had its best year since 2012, surging more than 18 percent.
Thai shares logged a yearly gain of about 14 percent, firming 0.7 percent on the week and over 3 percent on the month. Thailand's private consumption and investment rose from the previous month, central bank indexes showed on Friday, suggesting that a recovery in Southeast Asia's second-largest economy is gaining momentum.
Malaysian shares firmed 2.1 percent this week, their fifth straight winning week, and marked a 4.5 percent monthly gain. The index gained nearly 10 percent after three years of losses.