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Vietnam stock scales fresh high, Philippines choppy

Monday, April 02, 2018, 12:03 GMT+7

Vietnam shares scaled a record high on Monday on the back of gains in financials and real estate stocks, while most other Southeast Asian markets started April on a sombre note.

The benchmark Vietnam index rose as much as 1.1 percent to an all-time high of 1,187.55, and has risen more than 20 percent so far this year following a 48 percent gain last year.

Real estate firm Vingroup JSC climbed as much as 1.8 percent to a new high and was the biggest contributor to the main index's gain.

Philippine shares were little changed in choppy trade with financials being the top losers.

The decline in the financials was due to the pricing of the rights issue of Bank of the Philippine Islands, said Eagle Equities President Joseph Roxas.

Bank of the Philippine Islands priced its rights issue at 89.5 pesos per share, a 23.5 percent discount to Wednesday's closing price.  

The Philippine market was shut on Thursday and Friday for holidays.

Shares of Bank of the Philippine Islands fell as much as 6.2 percent, the most on the main index.

Thai shares were little changed. Convenience store operator CP All Pcl fell up to 0.9 percent, while petroleum firm PTT Pcl dropped as much as 0.7 percent.

Thailand's annual headline inflation rate picked up in March, but missed forecasts and was below the central bank's target range, giving policymakers leeway to keep monetary policy loose to help economic growth.

Indonesian shares rose, boosted by energy stocks and consumer staples, ahead of March inflation data due later in the day.

Annual inflation rate likely rose slightly in March, but stayed within the central bank's target range, a Reuters poll showed on Thursday.

Astra International Tbk PT climbed as much as 2.7 percent.

Reuters

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