BANGKOK, Nov 19 — Singapore’s stock market gained today as optimism about the economic outlook pushed up big caps such as SingTel and lender OCBC, while Malaysia showed a modest gain as telecoms firm Maxis made a positive debut.
The Straits Times Index rose 0.5 per cent, erasing part of a two-day loss of 1.4 per cent, with Singapore Telecommunications, Southeast Asia’s biggest telecom firm, up 1 per cent and Oversea-Chinese Banking Corp 1.2 per cent higher.
The city-state forecast 2010 GDP growth of between 3 and 5 per cent after a contraction this year.
“I suppose investors will take heart from the numbers for 2010,” said Song Seng Wun, a regional economist at CIMB-GK Research.
Malaysia edged up 0.12 per cent, with top mobile phone operator Maxis making a strong market debut after its US$3.3 billion (RM11.2 billion) initial public offering, ending at RM5.42 ringgit compared with its IPO price of RM5.00.
However, analysts said it may struggle to go higher because of the sector’s steep valuations and sluggish growth prospects.
Palm plantation firms also gained, with Kuala Lumpur Kepong up 2.6 per cent and IOI Corp 0.7 per cent higher, even though crude palm oil futures edged 0.3 per cent lower on Thursday after hitting three-month highs the day before.
Thailand and Indonesia reversed recent gains, falling nearly 1 per cent and 0.6 per cent respectively. The Philippines and Vietnam both rose for a third day, each adding about 1 per cent.
In Bangkok, top energy firm PTT dropped 2.5 per cent and conglomerate Siam Cement lost 1.4 per cent after a Thai court failed to set a date for a final ruling on problems at a huge industrial estate, where some operations have been suspended.
In Jakarta, Astra International dropped 3 per cent and Bank Mandiri fell 1.6 per cent.
In Manila, Philex Mining jumped 8.2 per cent and Manila Electric rose 3.7 per cent. In Hanoi, property developer Hoang Anh Gia Lanh and Saigon Securities each rose almost 5 per cent. — Reuters
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