Se Asia Stocks Most Rise Malaysia Leads Gains
(Facebook pic)SINGAPORE: Most Southeast Asian stock markets edged higher on Friday with Malaysia leading the pack, while Singapore trimmed earlier gains after data showed industrial production rose slower than expected in December
Singapore shares climbed about 1% intraday on positive corporate earnings, before paring gains to close 0.4% higher
Keppel Corp posted a fourth-quarter net profit of S$135 million, compared to a net loss a year earlier, while Singapore Exchange Ltd posted a 9% rise in second-quarter net profit
Shares of Keppel Corp rose 1.1%, while those of Singapore Exchange firmed 0.9%
Data released earlier showed the city-state’s manufacturing output in December rose 2.7% from a year earlier, compared with a Reuters forecast of 4.4% expansion and 7.6% on-year growth seen in November
“Should 4Q18 GDP manufacturing growth get shaded down in tandem with how industrial production fared (assuming ceteris paribus), 4Q18 GDP print will likely print at its 2.0% handle, thus bringing full-year 2018 GDP growth print to 3.2%,” United Overseas Bank said in a note
Malaysian shares rose 0.4%, posting their fifth session of gains in six, driven by materials and consumer cyclicals
The investment banking arm of Malayan Banking Bhd (Maybank), Malaysia’s largest bank by assets, is closing its institutional research business in Hong Kong and China as part of restructuring the institutional brokerage business, a bank spokeswoman said
Shares of the company rose 0.4% to their highest close in over three months
Material and telecom stocks helped the benchmark Indonesian index close higher. Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan rose 0.5%, while Bank Central Asia Tbk PT firmed 0.7%
For the week, Indonesian shares added 0.7% in their fifth straight weekly gain
Philippine shares erased earlier gains to close slightly lower, but posted their fourth straight weekly gain
Industrials were the biggest drag on Friday with Aboitiz Equity Ventures dropping 4.2% and JG Summit slipping 2.1%. - FMT
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