|Published : 21 Apr 2017, 14:32:51|
SE Asian stocks rise on US stocks rally
Southeast Asian stock markets rose on Friday, tracking gains across Asia as investors took heart from a Wall Street rally on bets of strong earnings and tax reform in the United States.
Crude oil traded steady, but was set for its biggest weekly drop in about a month.
Shares of most Asian steelmakers rose, deflecting the first salvo of the long-anticipated anti-dumping campaign.
Asian shares excluding Japan rose 0.6 per cent, heading for a second straight session of gains.
Indonesian shares rose 0.6 per cent, helped by gains in consumer and telecom stocks. Conglomerate Astra International Tbk PT was 2.6 per cent higher.
Malaysian shares gained 0.6 per cent with consumer and financial stocks leading near broad-based gains.
Malayan Banking and CIMB Group Holdings were up about 2.0 per cent each.
Singapore shares rose 0.5 per cent with oil and gas stocks bouncing back, while Thai stocks climbed 0.3 per cent, helped by basic materials.
Thai petrochemical producer Indorama Ventures Pcl climbed 0.7 per cent.
For the week, most Southeast Asian stock markets were down.