Indonesia set for 7th straight gaining session; Singapore falls

www.thestar.com.my

 

SINGAPORE: Most Southeast Asian stock markets eked out minor gains on Monday, with Indonesia on course for its seventh straight winning session, while Singapore shares edged lower for a second session.

Broader Asian shares drifted lower ahead of the U.S. Federal Reserve meeting this week. The Fed is widely expected to stand pat while reaffirming the outlook for further gradual rate rises.

Indonesian shares climbed 0.3 percent, led by energy firms.

Coal miners Adaro Energy Tbk Pt and Indika Energy Tbk Pt extended gains and rose 6.9 percent and 9.4 percent, respectively, after Indonesia’s trade ministry last week postponed for six months the rules that require coal and crude palm oil export shipments to use Indonesian insurance.

Philippine shares gained 0.4 percent, set for their fifth consecutive rising session, on the back of industrials.

Aboitiz Equity Ventures Inc, up 3.3 percent, and JG Summit Holdings Inc, up 3.2 percent, were among the top gainers on the benchmark index.

Philippine and Indonesian equities have been the hardest hit over the past few months on account of the depreciation of the peso and the rupiah, said Manny Cruz, analyst at Asiasec Equities Inc.

These stock markets are now at attractive valuations and most investors believe that the fundamentals continue to be very promising, added Cruz.

Vietnam shares also climbed and were headed for a third gaining session in a row, after economic data released over the weekend.

Vietnam’s industrial production index rose 14.3 percent in July from a year earlier, while the consumer price index rose 4.46 percent in July from a year earlier, government data released on Sunday showed.

The country’s trade deficit came in at $300 million in July, compared with a trade surplus of $800 million in June, data showed on Sunday.

Meanwhile, Singapore shares fell 0.6 percent as top lenders Oversea-Chinese Banking Corp, United Overseas Bank and DBS Group Holdings slipped.

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