Most Southeast Asian stock markets ended higher on Thursday, tracking broader Asia, with the Philippines surging to its highest close in three weeks. MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.6 percent in its sixth straight gaining session to a two-and-a-half-month high.
Philippine shares closed 1.5 percent higher, as BDO Unibank, the biggest Philippine bank in terms of market capitalisation, surged 5 percent in its third consecutive winning session.
"Financials experienced heavy sell-off during past five months," said Rachelle Cruz, an analyst from AP Securities in Philippines.
"Higher rates and elevated inflation will allow the banks to improve in terms of their net interest margin, so its more about an expectation of a better bottom line for the banks."
The country's annual inflation quickened in May at the fastest pace in at least five years, data showed on Tuesday.
Malaysian shares rose 0.5 percent to their highest close in two weeks. Financial stocks such as CIMB Group Holdings and Malayan Banking were the biggest boosts on the index.
Indonesian stocks rose 0.6 percent to their highest in over six weeks.
Lender Bank Negara Indonesia rose 2.4 percent, while cigarette manufacturer Gudang Garam climbed 2.7 percent.
The index of Indonesia's 45 most liquid stocks rose 0.7 percent.
Vietnam shares gained 0.2 percent to close higher for a sixth straight session.
Techcombank, which made its stock market debut on Monday, was the biggest boost on the index, gaining as much as 7 percent in the session.
Singapore recovered after the previous day's losses, buoyed mostly by financials and real estate shares.
Lender United Overseas Bank rose 0.8 percent, while property management firm Hongkong Land Holdings rose 1.8 percent.
Meanwhile, Thai shares slipped 0.3 percent, snapping three straight sessions of gains.
Comments
Comments are closed for this article.