Southeast Asian, Indian Stocks Gain after Yesterday’s Loss

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Southeast Asian, Indian Stocks Gain after Yesterday’s Loss
Southeast Asian, Indian Stocks Gain after Yesterday’s Loss

Southeast Asian, Indian Stocks Gain after Yesterday’s Loss

Discontinuing the losses incurred in the yesterday’s trade, Southeast Asian stocks gained slightly today and ended on the gains in the week. Earlier three days of the week Southeast Asian stocks were moving up; however, the trend discontinued on Thursday. However, today, Southeast Asian stock markets edged higher today and most of the indexes were trading up.

Except for Ho Chi Minh which traded low at 569.38 from 570.18 i.e. a loss of -0.14, other regional markets were trading up at 0532 GMT. On the other hand, Nikkei 225 was also trading low today. It lost 222 points i.e. -1.53% and traded at 14,313. Some other Asian stock markets were up mostly. Whereas the Hang Seng traded at 22,298.41, a gain of +132.88, ASX200 gained 48.15 points to close at 5,356.26.

A similar trend was seen in the Chinese stock market wherein Shanghai gained 17.45 points and closed at 2,115.85. Among Indian stock indices, S&P BSE SENSEX was up at 20338.70, a gain of 145.35 points after mid-day trade. Major gainers in Indian stock market were Financial Tech, Amara Raja, MCX, Tata Motors, Adani Ports, etc.
Southeast Stock Markets Moving Up

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Whereas Singapore traded at 3040.97 and was up slight from 3039.90 i.e. a gain of +0.04, Kuala Lumpur moved up at 1819.02 from 1817.15. A similar trend was seen in Bangkok which changed little as it traded at 1311.87.

A little bit gain was seen in Indonesian and the Philippines stock market. Whereas Manila traded at 6110.47 a slight up from earlier 6101.72, Jakarta was up at 4499.73 from 4491.66. Also, Indonesia’s main index breached the 4,500 mark in morning trade as real estate market fared better. Indonesia was able to gain little as its national currency rupiah gained against its peers.

Earlier, the Indonesian rupiah hit a near 11-week high today, leading gains among emerging Asian currencies. It gained strength basically because the investors snapped up the country’s bonds after its current account deficit narrowed sharply in the fourth quarter. Major gainers in the Indonesian stock market were the real estate developers Lippo Karawaci and Lippo Cikarang which both gained more than 1.6 percent each.

Another major reason behind the upward movement in the regional Southeast Asian stock market is weak USD. The U.S. dollar is struggling as downbeat U.S. economic data pushed it to a nearly three-week low against the euro.

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