Most Southeast Asian stocks Up for a Second Consecutive Day

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Most Southeast Asian stocks Up for a Second Consecutive Day
Most Southeast Asian stocks Up for a Second Consecutive Day

Most Southeast Asian stocks Up for a Second Consecutive Day

Upward movement is continuing in the Southeast Asian stock market as it rose on Tuesday. At 0609 GMT most of the regional market was moving up. Whereas TR SE Asia Index was up by +0.51, Singapore was trading up at 3034.41 up from 3017.20, and gave impetus to investors. A similar trend was seen in Kuala Lumpur which gained little when reached to 1821.11 from 1816.14.

Bangkok was also up today as it traded at 1297.01 up from 1290.66 a gain of +0.49. A similar trend was seen in Jakarta wherein it reached to 4464.58 up from 4450.75 a gain of +0.31. Whereas Manila was up at 6110.33 from 6042.25, index at Ho Chi Minh went up to 561.01 from 555.90, a growth of +0.92.

Investors believe that Asia will benefit from the Congressional testimony by the new head of the U.S. Federal Reserve. In Thailand the benchmark SET index was up 0.5 percent wherein shares of Ratchaburi Electricity Generating Holding and PTT Global Chemical were among the gainers.

Most of the Regional Market in Southeast Asia up Today

Also, listed firms in Thailand are due to report October-December earning this month and that is a positive indication. A similar trend was seen in the large-caps which gained across exchanges after upbeat earnings, with shares of Singapore Airlines Ltd and Indonesia’s Bank Mandiri among the outperformers.

Positive signals were also seen in the Singapore’s Straits Times Index was up 0.6 percent. Jakarta’s Composite Index was up 0.3 percent today. It looks it has recovered from a fall in the previous session. Additionally, the Philippine index climbed 0.9 percent.

Stocks in Malaysia also edged up 0.3 percent to their highest in more than three weeks while Vietnam was 0.9 percent higher.

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On a mixed trading day, L’Oreal SA (OR) rose 2.6 percent. The cosmetic maker agreed to buy back 8 percent of its shares from Nestle SA and reported an increase in 2013 earnings; it gave impetus to its stock value to a great extent. Another gainer was Actelion Ltd. which advanced 1.3 percent after the Swiss drug maker boosted its earnings forecast for 2014 and increased its dividend.

A similar pattern was seen in Michelin & Cie which gained 2 percent. The company reported better earnings in the last quarter. However, Barclays fell 0.9 percent to 272.6 pence. Michelin climbed 2 percent to 82.65 euros.

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