Vietnam stock hits fresh near 10-yr high

By Reuters/Karthika Namboothiri   November 8, 2017 | 04:22 pm GMT+7

Vietnam stocks firmed to hit a fresh near decade high on Wednesday, while Singapore held on to two-year highs.

Vietnam shares gained 0.9 percent, with real estate developer Vingroup Joint Stock Company climbing 4.7 percent to an all-time peak.

Global equities were largely muted as concerns of a delay in U.S. tax reform proposal and apprehension over Saudi Arabia's rising tensions with Iran soured investor sentiment.

"Markets seem unsure which way to go next – equity markets are largely becalmed...," ING analysts said in a note.

Most Southeast Asian stock markets were muted today, with Indonesia slipping from a record close, as investors took a breather in the absence of market-moving data.

Indonesian stocks slumped 0.3 percent from a record close, dragged by the telecommunications sector, with Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, down 1.7 percent.

Singapore index was largely flat, with real estate giant CapitaLand Ltd down 1.1 percent and Keppel Corp Ltd giving up 0.9 percent.

Philippine stocks edged 0.3 percent lower, with industrial stocks accounting for majority of the losses, as SM Investments Corp slumped 2.8 percent, and food processor JG Summit HoldingS dropped 1.2 percent.

Real estate stock Ayala Land was the biggest drag on the index, declining 2 percent. Manila-based RCBC Securities analyst Fio De Jesus attributed the stock's move to profit-taking after it rose 1.3 percent in its previous session on strong nine-month earnings.   

Thai shares pared early gains in the session to trade down 0.1 percent ahead of the Bank of Thailand's rate decision due later in the day. The central bank is expected to leave its benchmark interest rate near record lows again, with the current level seen supporting the country's economic recovery while inflation stays benign.

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