Most Southeast Asian Markets up Today

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Most Southeast Asian Markets up Today
Most Southeast Asian Markets up Today

Most Southeast Asian Markets up Today

General sentiment among traders in the Southeast Asian stock market was one of positivity as except for Malaysia and Indonesia, most of the regional stock market was trading higher today at 0534 GMT. Whereas Singapore was trading at 3108.72 from 3105.84, a gain of +0.09, stock market in Bangkok traded at 1310.55, a slight gain from 1301.38 i.e. +0.70%.

A similar trend was seen in the Manila stock market wherein it was trading at 6298.85, a marginal gain from 6296.32 i.e. +0.04%. Following the trend in the regional market, even Ho Chi Minh got a little growth and traded at 581.51 from 576.58 i.e. a gain of +0.86%. However, stock market in Indonesia was slow today as it traded 4596.62 far below from 4623.57 i.e. a loss of -0.58%.

According to market observers, Thai stocks rose today as investors looked for bargain hunting in battered telecoms shares of Advanced Info Service. The Thai key SET index was up 0.7 percent at midday after facing trouble the entire fortnight due to domestic turmoil.

Australia and Other Regional Markets Trading Up

In today’s trading, MSCI’s broadest index of Asia-Pacific shares outside Japan traded quite well as it added 0.5%. A similar trend was seen in South Korea’s Seoul stock market which gained 0.7%. Other regional markets like Southeast Asia and Australia too were among the gainers; particularly Aussie stock market gained the most hitting its highest since mid-2008.

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The other regional market, Singapore’s Straits Times Index edged up 0.1% and MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5 percent. Market observers believe that Asia was following in the footsteps of Wall Street where US stocks rose to some extent.

The benchmark S&P 500 hit an intra-day record amidst the news that the NASDAQ punched to peaks last seen almost 14 years ago. This definitely was good news for investors who looked optimistic about the US market amidst and contributed to the upward movement of the Dow which closed up 0.64%.

A similar trend was seen in the S&P 500 which gained 0.62%. As the US stocks rose on Monday and the S&P 500 hit a record intraday high, Asian market opened on the bright notes. Major gainers in today’s trade in Asia were from health insurance sectors. Earlier, the real estate which is facing credit tightening did not seem to have an impact today.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com