Singapore, Vietnam stocks outperform SE Asian peers

Singapore, Vietnam stocks outperform SE Asian peers

The skyline of Singapore is seen on Oct 11, 2017. Singapore stocks rose more than 1% on Tuesday. (Reuters photo)
The skyline of Singapore is seen on Oct 11, 2017. Singapore stocks rose more than 1% on Tuesday. (Reuters photo)

Singapore shares rose slightly more than 1% on Tuesday on expectations that its economy grew at a faster pace than initially estimated, which may dispel worries that the affluent city-state is too dependent on its tech products.

Singapore's economy is forecast to have grown 7.4% in July-September, the fastest pace since the fourth quarter of 2016, a Reuters poll showed on Friday. The GDP data is scheduled for release on Thursday.

Last week, the trade-dependent economy reported its exports rose the most in 2-1/2 years in October, thanks to growth in both its electronics and non-electronics exports, pointing to a more broad-based recovery.

The Singapore index rose for a third straight session, led by top lenders, with DBS Group Holdings, United Overseas Bank and OCBC gaining between 1.8% and 2.2%. 

"A good headline reading will help investor sentiment, especially for electronics counters whose performances are tightly linked to the local manufacturing sector," said Liu Jinshu, director of research at NRA Capital.

In other Southeast Asian stock markets, Vietnam ended at a near 10-year high, led by consumer staples such as Saigon Beer Alcohol Beverage Corp (Sabeco), which hit a record closing high.

Sabeco, owned 89.6% by the state, will hold roadshows in Singapore and London on a government plan to sell a stake, the country's Trade Ministry said.

Vietnam Retail, which added about 7%, was among the biggest gainers on the main index.

Philippine stocks inched 0.4% lower, dragged down by industrials and real estate. 

Market heavyweight Ayala Land fell 1.8%, while SM Investments Corp shed 0.7%.

Indonesian shares snapped a three-session gaining streak, weighed down by consumer staples and energy stocks.

Clove cigarettes maker Gudang Garam and mining contractor United Tractors each fell about 2%.

An index of the country's 45 most liquid stocks fell 0.3%.

Malaysia ended marginally higher.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

6,031.86

6,053.28

-0.35

Malaysia                 

1,720.68

1,718.36

+0.14

Philippines                 

8,289.19

8,321.98

-0.39

Singapore                 

3,423.38

3,386.59

+1.09

Vietnam        

918.30

903.55

+1.63

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