Business

SE Asia Stocks: End higher, Malaysia at record

April 02, 2012

BANGKOK, April 2 — Southeast Asian stock markets rose today, with Malaysia’s benchmark index hitting an all-time high, as investors added positions in riskier assets after surprisingly firm China manufacturing data.

Malaysia’s main share index gained 0.5 per cent to 1,603.8, while Jakarta’s Composite Index rose 1.1 per cent to 4,166.1, the highest since August 2011.

Optimism in Indonesia was partly fuelled by the postponement of fuel hike that has concerned market investors of rising inflation, said analyst Yasmin Soulisa of broker Batavia Prosperindo Sekuritas.

Thailand inched up 0.2 per cent and the Philippine index reversed early losses to end up nearly 0.1 per cent.

Singapore’s main share index edged up 0.2 per cent.

Shares in DBS Group Holdings are expected to fall tomorrow after Southeast Asia’s biggest bank agreed to pay US$7.24 billion (RM21 billion) for Indonesia’s Bank Danamon, offering a 52 per cent premium for a middle-ranking lender with high funding costs, raising questions on the price.

DBS said trading in its shares will resume tomorrow.

Vietnam was closed today for a national holiday. — Reuters

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