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​SE Asia Stocks-Singapore soars on growth hopes; Vietnam jumps

Tuesday, November 21, 2017, 14:29 GMT+7

Singapore stocks soared on Tuesday on expectations that the economy grew at a faster pace than initially estimated in the third quarter, while most other Southeast Asian markets were subdued ahead of the release of U.S. Federal Reserve minutes.

The Fed minutes, closely watched for indications of a rate hike in December, could also provide clues on further U.S. monetary policy tightening.

Interest rate futures traders are pricing in a 92 percent chance of a December rate hike, according to the CME Group's FedWatch Tool. The minutes are due on Wednesday.

Singapore shares surged more than 1 percent, on track for their third straight winning session, underpinned by hopes that an uptick in global demand was boosting exports.

A Reuters poll on Friday predicted quarter-on-quarter growth in Singapore at 7.4 percent in July-September, on a seasonally adjusted and annualised basis, the fastest pace since the fourth quarter of 2016. The GDP data is scheduled to be released on Thursday.

Financials climbed, with DBS Group Holdings and OCBC gaining 2.2 percent and 2 percent, respectively.

Meanwhile, Vietnam shares jumped 2.5 percent to a fresh near decade high. Vietnam Dairy Products and Saigon Beer and Alcohol Beverage Corp jumped as much as 4.7 percent and 6.6 percent, respectively, to record highs.    

Philippine stocks inched down 0.3 percent, dragged by industrials and telecom.

Market heavyweight SM Investment fell nearly 1 percent, while PLDT Inc shed 1.2 percent.

Indonesian shares also slipped 0.3 percent, snapping a three-session gaining run, weighed by consumer discretionary and consumer staples.

Indonesia's index of 45 most liquid stocks fell 0.3 percent.

Blue-chip companies Gudang Garam shed 2 percent, after having gained 3.1 percent in the previous session. Mining contractor United Tractors was down 2.7 percent.

Malaysian share market was marginally higher, while Thai shares held steady.

Reuters

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