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Most Southeast Asian stock markets rose on Tuesday, bucking the regional trend on slowing growth in China, while Philippine shares hit a more than one-week high, led by financials.
The Philippine key index rose as much as 1.3 per cent to 7,919.21, its highest since April 28, helped by a 4.7 per cent gain in SM Prime Holdings and 1.9 per cent rise in BDO Unibank.
The Jakarta Composite index added 0.3 per cent, though the country’s economic growth in the first quarter slumped to its weakest annual pace since 2009, hit by soft global demand and a collapse in commodities.
Vietnam’s benchmark VN Index gained 1.4 per cent in high-volume trade after closing at its lowest in nearly a month in the previous session, while Malaysia was steady. The Singapore index dropped 0.5 per cent, trading near a one-month low, in line with Asian markets.
A survey released on Monday showed China’s factories suffered their fastest drop in activity in a year in April. Surveys for Taiwan and Japan showed an index of factory activity slid below the 50-point level that separates growth from contraction compared to the previous month. The Thai stock market was closed on Tuesday for a public holiday.
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