Blue chips drive Vietnamese stock market close to 10-year high

By Reuters, VnExpress   November 21, 2017 | 07:00 pm GMT+7

Most other markets in Southeast Asia were subdued ahead of rate-hike news from the US Fed.

Vietnam's stock market rose by 2.5 percent on Tuesday to a near-decade high.

Dairy giant Vinamilk and brewery firm Sabeco jumped 4.7 percent and 6.6 percent respectively to record heights.   

Singapore stocks alo soared Tuesday on expectations that the economy grew at a faster pace than initially estimated in the third quarter, while most other Southeast Asian markets were subdued ahead of the release of U.S. Federal Reserve minutes.

The Fed minutes, closely watched for indications of a rate hike in December, could also provide clues on further U.S. monetary policy tightening.

Interest rate futures traders are pricing in a 92 percent chance of a December rate hike, according to the CME Group's FedWatch Tool. The minutes are due on Wednesday.

Singapore shares surged more than 1 percent, on track for their third straight winning session, underpinned by hopes that an uptick in global demand was boosting exports.

A Reuters poll on Friday predicted quarter-on-quarter growth in Singapore at 7.4 percent in July-September, on a seasonally adjusted and annualized basis, the fastest pace since the fourth quarter of 2016. The GDP data is scheduled to be released on Thursday.

Financials climbed, with DBS Group Holdings and OCBC gaining 2.2 percent and 2 percent, respectively.

Philippine stocks inched down 0.3 percent, dragged by industrials and telecom.

Market heavyweight SM Investment fell nearly 1 percent, while PLDT Inc shed 1.2 percent.

Indonesian shares also slipped 0.3 percent, snapping a three-session gaining run, weighed by consumer discretionary and consumer staples.

Indonesia's index of its 45 most liquid stocks fell 0.3 percent.

Blue-chip Gudang Garam shed 2 percent after having gained 3.1 percent in the previous session. Mining contractor United Tractors was down 2.7 percent.

The Malaysian share market was marginally higher, while Thai shares held steady.   

Tags: Vietnam stock
 
 
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