JavaScript is off. Please enable to view full site.

SE Asia Stocks-Most rise on China stimulus hopes; Vietnam top gainer

SE Asia Stocks-Most rise on China stimulus hopes; Vietnam top gainer

Tuesday, January 22, 2019, 11:18 GMT+7
SE Asia Stocks-Most rise on China stimulus hopes; Vietnam top gainer
Visitors stand next to an electronic stock board at the Indonesia Stock Exchange in Jakarta, Indonesia, November 8, 2016. Photo: Reuters

Most Southeast Asian stock markets rose on Monday on expectations of further stimulus from China after data showed the slowest rate of annual economic growth in 28 years, while positive remarks regarding U.S.-China trade relations boosted investor sentiment.

China's economic growth cooled slightly to 6.4 percent in the fourth quarter from a year earlier, weighed down by weak investment, faltering consumer confidence and the trade war with the United States, leaving 2018 growth at 6.6 percent, the weakest since 1990.

Chinese policymakers have pledged more support to the economy this year with the government expected to unveil more fiscal stimulus measures during the annual parliament meeting in March.

"Markets had expected the slowing economic growth, I think focus is shifted to stimulus measures that China has announced over the past few weeks," said Joel Ng, an analyst with KGI Securities.

Meanwhile, U.S. President Donald Trump said on Saturday there had been progress toward a trade deal with China, but denied that he was considering lifting tariffs.

Broader Asian markets edged higher with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 percent.

Vietnam stocks led gains in Southeast Asia with a rise of 1 percent. Financial and real estate stocks were among the top contributors with both CMC Corp and Ninh Van Bay Travel Real Estate JSC rising 7 percent.

Thai shares rose 0.3 percent after data showed higher exports for 2018 and due to a surge in oil prices.

While customs-cleared exports unexpectedly dropped in December, an 8.15 percent decline in imports resulted in a trade surplus of $1.06 billion, compared to expectations of $1.1 billion deficit.

Meanwhile, crude prices rose to their highest in 2019 after data showed refinery processing in China climbed to a record last year despite a slowing economy.

Energy stocks PTT PCL and PTT Exploration and Production PCL were among the top boosts, rising 1 percent and 1.6 percent, respectively.

Singapore stocks closed marginally lower ahead of December inflation data expected on Wednesday.

The city-state's consumer price index probably rose 0.4 percent last month from a year earlier, according to a Reuters poll.

Philippine shares snapped two straight sessions of gains as investors booked profits after the benchmark stock index posted a nine-and-a-half-month closing high on Friday.   

Malaysian markets were closed for a holiday.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Reuters

More

Read more

;

Photos

VIDEOS

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Latest news