SE Asia Stocks-Rise in line with Asian peers; Indonesia hits fresh high
Southeast Asian stock markets rose on Monday, in line with Asian peers on cues from Wall Street and firm crude oil prices amid continued U.S. political uncertainty.
U.S. stocks rose on Friday but closed below their session highs on renewed concerns about Donald Trump's presidency, after two new reports related to a federal investigation into possible coordination between Russia and Trump's election campaign.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9 per cent at 0409 GMT on Monday.
"For one, there's a cue from the rally on the Dow Jones," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. "Apart from that, crude climbed to over 51 a barrel which boosted trading on energy producers."
Oil prices rose on Monday on reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices.
Indonesian shares hit a record high, extending gains into a third session, after Standard & Poor's (S&P) upgraded the country's sovereign bond ratings to investment grade on Friday.
Southeast Asia's largest economy already obtained investment grade status from two other major rating agencies, Fitch and Moody's, more than five years ago.
Foreign investors had bought a net 28 trillion rupiah ($2.11 billion) of Indonesian stocks this year as of Friday, having purchased a net 16.2 trillion rupiah in 2016.
The Jakarta SE Composite Index rose as much as 1.4 per cent on the back of gains in financial and consumer discretionary stocks.
The index of the region's 45 most liquid stocks also hit a record high, rising as much as 1.9 per cent.
Bank Rakyat Indonesia Tbk PT rose 5.17 per cent, while conglomerate Astra International Tbk PT climbed up 2.3 per cent.
U.S. stocks rose on Friday but closed below their session highs on renewed concerns about Donald Trump's presidency, after two new reports related to a federal investigation into possible coordination between Russia and Trump's election campaign.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9 per cent at 0409 GMT on Monday.
"For one, there's a cue from the rally on the Dow Jones," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. "Apart from that, crude climbed to over 51 a barrel which boosted trading on energy producers."
Oil prices rose on Monday on reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices.
Indonesian shares hit a record high, extending gains into a third session, after Standard & Poor's (S&P) upgraded the country's sovereign bond ratings to investment grade on Friday.
Southeast Asia's largest economy already obtained investment grade status from two other major rating agencies, Fitch and Moody's, more than five years ago.
Foreign investors had bought a net 28 trillion rupiah ($2.11 billion) of Indonesian stocks this year as of Friday, having purchased a net 16.2 trillion rupiah in 2016.
The Jakarta SE Composite Index rose as much as 1.4 per cent on the back of gains in financial and consumer discretionary stocks.
The index of the region's 45 most liquid stocks also hit a record high, rising as much as 1.9 per cent.
Bank Rakyat Indonesia Tbk PT rose 5.17 per cent, while conglomerate Astra International Tbk PT climbed up 2.3 per cent.