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
Apple says it wants to spend more on suppliers in Vietnam
Apple wants to boost its investment in Vietnam
Read more
Vietnam to probe gold traders for possible manipulation as prices soar
The price for gold bars in the Southeast Asian country has risen around 15% this year
18 hours agoUS private equity giant Warburg Pincus invests in Vietnam’s private hospital chain
The size of the investment has yet to be revealed
1 day agoGold shops in Ho Chi Minh City temporarily shut to duck inspections
The Vietnam Directorate of Market Surveillance has launched a large-scale inspection into gold shops in various localities
1 day agoApple says it wants to spend more on suppliers in Vietnam
Apple wants to boost its investment in Vietnam
1 day ago3 Japanese investors join $1bn property project in Vietnam’s Binh Duong
Masuo Ono, Japanese Consul General in Ho Chi Minh City, affirmed that the support from local authorities and the partnership between Vietnamese and Japanese firms will contribute to sustainable development in the province
11 hours agoHighlights
Vietnamese girl reported as world’s 1st case containing gene mutation in SEI plus hypertrichosis
She developed symptoms of hard, wavy, scaly, gray skin, mainly on her wrists, elbows, knees, ankles, armpits, back of hands, and insteps, as well as full-body dry skin
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
Vietnamese girl reported as world’s 1st case containing gene mutation in SEI plus hypertrichosis
She developed symptoms of hard, wavy, scaly, gray skin, mainly on her wrists, elbows, knees, ankles, armpits, back of hands, and insteps, as well as full-body dry skin
Cuban president appreciates Vietnam’s support
President Diaz-Canel remarked that the Cuba-Vietnam relations are special, with both nations always showing great respect for each other
3 Japanese investors join $1bn property project in Vietnam’s Binh Duong
Masuo Ono, Japanese Consul General in Ho Chi Minh City, affirmed that the support from local authorities and the partnership between Vietnamese and Japanese firms will contribute to sustainable development in the province
Dubai reels from floods chaos after record rains
Passengers were warned not to come to Dubai airport, the world's busiest by international traffic, 'unless absolutely necessary'
Vietnam’s farm produce preferred in int’l market
Agricultural products remain Vietnam’s key export earner
Australia ready to offer $157mn for Vietnam’s green transition: Australian official
Australian Assistant Minister for Climate Change and Energy Jenny McAllister made the announcement while addressing the Australia-Vietnam Green Economy Summit that opened on April 16 in Ho Chi Minh City, attracting some 200 businesses, investors, and experts from the two countries
Ho Chi Minh City takes action against bad driving behaviors among delivery workers
Many delivery workers are spotted using their phones while driving, posing a high risk of traffic crashes
Ho Chi Minh City, Australian investors discuss opportunities for green economy cooperation
Both nations previously launched the Australia-Vietnam Green Economy Program to foster collaboration between government and business in the green economy
World leaders call on nations to swiftly ratify U.N. ocean treaty
The European Union and the governments of 13 countries urged nations on Tuesday to prioritise the ratification of a U.N. treaty to protect the world's oceans from overfishing and other human activities
Ho Chi Minh City to celebrate Reunification Day with fireworks at 16 venues
These shows will last 15 minutes from 9:00 pm to 9:15 pm on April 30