Southeast Asian stock markets posted strong gains on Monday as risk appetite picked up amid easing geopolitical tensions on the Korean peninsula, with bank stocks lifting Singapore to its highest close in 10-1/2 years.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1%, following a historic summit between North Korean leader Kim Jong Un and South Korea's Moon Jae-in last week at which they vowed "complete denuclearisation". The two countries also announced on Monday initial steps toward reconciliation.
Singapore shares marked a closing peak since November 2007, led by gains in financials. The index gained 5.4% this month, its best since January 2017, after posting losses in February and March this year.
Lender DBS Group Holdings was the biggest contributor to the benchmark, rising 2.8% to an all-time closing high, after reporting a record profit earlier in the day.
Singapore's total bank lending rose 1.6% in March from a month earlier as lending to financial institutions increased, central bank data showed.
The city-state's other big banks, United Overseas Bank Ltd and Oversea-Chinese Banking Corp, also marked all-time closing highs.
The Stock Exchange of Thailand main index slightly gained 2.09 points or 0.12% to close at 1,780.11, in trade worth 47.67 billion baht.
The Thai stock market was a mixed bag as losses in healthcare outpaced gains in real estate stocks. The benchmark ended the month largely flat.
Philippine shares rose 1.3% to their highest in two weeks, but still marked a 2% drop for April.
The session's gains were led by industrials, with heavyweights SM Investments Corp climbing 3.3% and while JG Summit Holdings rising 2.2%.
Philippine annual inflation in April is likely to settle within a 3.9-4.7% range, reflecting higher oil and rice prices and electricity rates, the central bank said.
Indonesian shares closed 1.3% higher, but posted a 3% drop on the month. The country's index of 45 most liquid stocks was up 1.4%, but fell 4.7% over the month.
Malaysian shares rose 0.4% on broad-based gains, also ending the month 0.4% higher.
Vietnam was closed for the day on account of a holiday.
Southeast Asian markets will be closed on Tuesday owing to Labour Day.
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Southeast Asian stock markets |
|
||
|
|
Current |
Previous |
% change |
|
Thailand |
1,780.11 |
1,778.02 |
+0.12 |
|
Indonesia |
5,994.59 |
5,919.23 |
+1.27 |
|
Malaysia |
1,870.37 |
1,863.47 |
+0.37 |
|
Philippines |
7,819.25 |
7,721.02 |
+1.27 |
|
Singapore |
3,613.93 |
3,577.21 |
+1.03 |
|
Vietnam |
|
|
Closed for holiday |
