SE Asia Stocks-Singapore extends gains into fourth session

Last Updated: Fri, Nov 25, 2016 11:00 hrs

By Susan Mathew Nov 25 (Reuters) - Singapore shares entered their fourth consecutive session of gains on Friday as a U.S holiday halted the dollar's rally that had absorbed capital out of most emerging markets. Wall Street was closed on Thursday for Thanksgiving and trading will end early on Friday. "I think it is because the United States is closed for Thanksgiving so there is a lack of foreign counterparts dragging the markets down," said Grace Aller, analyst, AP Securities. "It's mostly locals buying into the markets. I think it (Thanksgiving holiday) opened up trading opportunity for the locals." The dollar rose to an eight-month high against the yen on Friday as U.S. bond yields resumed their rise in Asia after the Thanksgiving break shut markets in the United States. Strong U.S. manufacturing and consumer data this week have bolstered the surge in the dollar. The dollar index has risen 0.6 percent this week. Recent robust data from the United States and China showed that the world's largest economies are doing well. This shows that they are steadying, thus, lessening the trickling of bad economic data into the other smaller markets by removing external headwinds, Aller said. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.42 percent on Friday. The Singapore main index rose as much as 0.94 percent, pulled up by consumer and financial stocks. Agribusiness group Wilmar International Ltd climbed as much as 3.5 percent, while DBS Group Holdings Ltd gained upto 1.4 pct. Thai shares gained for a fourth session in five, led by consumer and healthcare stocks. Food franchise and hotelier Minor International Plc rose as much as 5.8 percent, while Bangkok Dusit Medical Services PCL edged up as much as 0.88 percent. Meanwhile, Vietnam dropped as much as 0.9 percent, on track to post its second consecutive session of declines, with consumer non-cyclicals and financials dragging the index down. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS : Change at 0511 GMT Market Current Prev close Pct Move Singapore 2866.26 2843.72 0.79 Bangkok 1496.4 1490.11 0.42 Manila 6855.34 6873.31 -0.26 Jakarta 5112.961 5107.623 0.10 Kuala Lumpur 1624.47 1624.21 0.02 Ho Chi Minh 675.01 678.18 -0.47 Change on year Market Current End 2015 Pct Move Singapore 2866.26 2882.73 -0.57 Bangkok 1496.4 1288.02 16.18 Manila 6855.34 6952.08 -1.39 Jakarta 5112.961 4593.008 11.32 Kuala Lumpur 1624.47 1692.51 -4.02 Ho Chi Minh 675.01 579.03 16.58 (Reporting by Susan Mathew in Bengaluru; Editing by Sherry Jacob-Phillips)

More from Sify: