Indonesian shares vaulted to a record high on Friday, notching their biggest weekly gain since March, after Standard & Poor's (S&P) raised the country's sovereign bond ratings to investment grade, a move long awaited by investors and the government. Rating agency S&P upgraded Indonesia's sovereign credit outlook to 'BBB-' from 'BB+'. The move reflected its assessment of reduced risks to the country's fiscal position, the agency said. "This is a well-deserved upgrade, thanks to its prioritization of fiscal sustainability at the expense of growth in 2016," said Trinh Nguyen, Senior Economist for Natixis, based in Hong Kong. The upgrade would enable Indonesia to access a pool of eligible foreign investors that only invest in at least investment grade (IG)-rated asset, and provide a sentimental boost to equities and the economy, he added. The Indonesian bond market received foreign inflows of $1.7 billion in April, data showed on Wednesday. The index of Indonesia's 45 most liquid stocks gained as much as 4.2 percent to an all-time high. The Indonesian benchmark ended 2.6 percent higher driven by financials and telecos. Telkom Indonesia jumped 5.1 percent after media reported that its unit Telkomsigma had entered the public cloud business under the Star Cloud brand. Vietnam stocks ended at their highest in over nine years, logging a fourth week of gains, buoyed by financial and energy shares. Vietnam National Petroleum Group gained nearly 7 percent, driven by higher oil prices. Rating agency Fitch on Thursday revised the outlook on Vietnam's long-term foreign- and local currency issuer default ratings (IDR) to 'positive' from 'stable'. Meanwhile, other Southeast Asian markets largely ended in positive territory as concerns surrounding U.S. politics waned and as traders shifted their focus to local catalysts. Shares in Thailand and the Philippines ended marginally higher. However, the Philippine index posted a second week of losses. Defying the broader trend, Singapore shares fell for a fourth straight session, recording their first weekly loss in three. Industrial stocks and telcos were the worst performers.
More
Ha Long festival fries Vietnam’s largest squid cake in 4,400 liters of cooking oil
The squid cake weighed 210 kilograms and measured 3.4 meters in length
Read more
A quick glimpse at Ho Chi Minh City metro stations
These stations are waiting for operation
7 hours agoForeign airlines offer cheaper Vietnam-Germany tickets than airfares for domestic flights by Vietnamese carriers
Exorbitant airfare prices are presenting obstacles for tourism destinations in Vietnam
1 week agoVietnam April exports up 10.6% y/y, industrial output up 6.3%
Vietnam's exports in April are estimated to have risen 10.6% from a year earlier to $30.94 billion
1 day agoVietnamese billionaire Pham Nhat Vuong commits $1 billion more to VinFast
He will spend VND10 trillion (US$394 million) from his pocket building charging stations in the next three years
5 days agoA closer look at BYD Seal ahead of entry into Vietnam
The car might be available in Vietnam in both hybrid and electric versions
4 days agoHighlights
Heatwave results in Vietnam’s new record power consumption
Power consumption nationwide hit 993 million kilowatt-hours
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
Heatwave results in Vietnam’s new record power consumption
Power consumption nationwide hit 993 million kilowatt-hours
A quick glimpse at Ho Chi Minh City metro stations
These stations are waiting for operation
Cold front to bring rain to northern Vietnam, disperses extreme heat
The weak cold spell is moving south and will combine with a wind convergence to first cover the northeastern part of the region in the early hours of Wednesday
Free glasses of iced orange juice warm hearts, cool down outdoor workers in Da Nang
Multiple drinking water supply points have been established on city sidewalks to refresh lottery ticket vendors, sanitation employees, motorbike taxi drivers, and delivery workers
Taxi firm staff commended for returning $12,500 to passenger at Da Nang airport
A Mai Linh representative told Tuoi Tre (Youth) newspaper on Monday that the firm awarded a certificate of merit to Nguyen Dang Luyen, one of its employees, for his good deed
Australian regulator examines possible contamination of Indian spice mixes
Such action could include a recall
Cobra appears in Hanoi’s urban area
The cobra is listed as a rare species
Hoi An hotel hangs 80 Vietnamese national flags during Reunification Day holiday
The hotel wanted to create a good impression on tourists
KFC Malaysia temporarily shutters outlets citing challenging economy
It did not specify how many stores were affected, but local media reported over 100 outlets were temporarily closed
Ho Chi Minh City police deport 9 Malaysians over scam call operation
They made scam calls, targeting their compatriots and people in other countries