Indonesian Stocks Hit New High Ahead of Long Vacation

Southeast Asian stock markets rose on Friday (22/12) with Indonesia hitting a fresh high and Singapore snapping a six-session losing streak, ahead of the long Christmas weekend. (Antara Photo/Akbar Nugroho Gumay)

By : Nikhil Nainan | on 7:25 PM December 22, 2017
Category : Business, Markets

Southeast Asian stock markets rose on Friday (22/12) with Indonesia hitting a fresh high and Singapore snapping a six-session losing streak, ahead of the long Christmas weekend.

MSCI's index of Asia-Pacific shares outside Japan climbed 0.7 percent.

Indonesian shares extended gains for a second straight session after Fitch upgraded Southeast Asia's largest economy's credit ratings on Thursday.

"We note that foreign reserves are on a consistently growing trend since October 2015 … This contributes directly to Indonesia's increased resilience to external shocks and will act as a buffer if and when capital inflows reverse in the context of a tightening of the global monetary environment," OCBC Bank said in a note.

The index was up 0.6 percent for the day and closed the week 1.7 percent higher, marking its third consecutive weekly gain.

An index of the country's 45 most liquid stocks rose 0.9 percent on Friday. Among the top gainers were Bank Central Asia, up 2 percent and Bank Sinarmas, up 14.5 percent.

Indonesian financial markets will be closed on Monday and Tuesday for Christmas holidays. Markets will reopen on Wednesday.

In Singapore, top lenders DBS Group and Oversea-Chinese Banking Corporation, up 0.7 percent and 0.4 percent, respectively, helped the FTSE Straits Times index close higher. However, the index was down for a third straight week.

Philippine shares recovered early losses to end 0.6 percent higher, helped by gains in financials and telecoms, ahead of November budget deficit data expected after market hours.

BDO Unibank and Bank of the Philippine Islands gained more than 1 percent each. PLDT rose 1.1 percent as investors took note of the its plans to spend more than 50 billion pesos in capital expenditure in 2018, ahead of the arrival of a telco competitor.

Reuters

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