Southeast Asian stock markets ended higher on Thursday as overnight gains on Wall Street and a series of upbeat factory data from across the globe earlier in the week boosted sentiment. US shares extended gains overnight, inching closer to the elusive 20,000 mark, while world stocks rallied on Thursday after strong Chinese data added to the optimism.
Philippine shares rose 2.5 percent to end at their highest in nearly 2 months after the country's central bank governor said he expected the economy to sustain growth momentum. The index gained for a third straight session, aided by heavy foreign buying. Foreign investors net bought 727.9 million pesos worth of stocks on Thursday, compared with 184 million pesos in the previous session. "I think the optimistic picture painted by the economic planning team of the government had a hand in the market's performance", said Jose Vistan of AB Capital Securities.
"The BSP governor said fundamentals are expected to grow by 7 percent again this year, which should put the Philippines among the fastest growing countries among South-eastern markets". Industrial and financial stocks led the gains with SM Investments rising 6 percent to close at its highest level in over two months. Singapore gained 1.1 percent, with real estate and financial stocks pushing the index higher. DBS Group Holdings, the island state's biggest bank by market value, rose 1.6 percent.
"Both the US markets as well as the Hong Kong markets are strong; Singapore is benefiting from strength in neighbouring markets", said an analyst from Singapore. Malaysia firmed up by 0.75 percent to close at a near two-month high, helped by a rally in financial and telcom shares. MayBank rose 1.36 percent. Thailand shares gained 0.5 percent to their highest close in 21 months, while Vietnam gained marginally.
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