Asean stocks: Philippines, Thailand up
Philippine and Thailand shares were firmer on Monday, but other Southeast Asian markets were largely weaker in early trade as investors stayed away, preferring a 'wait and see' approach due to the lingering US budget standoff.
By 0522 GMT, the Philippine stock index was 0.9 per cent up at a near two-week high, while Thailand’s main index gained 0.2 per cent.
Democrats and Republicans in the United States remained far apart on ending the government shutdown, let alone reaching a deal on the US borrowing limit by October 17 to avoid an unprecedented default.
"It’s a quite market with not much activity. Market and investors are waiting to see any new development on the shutdown," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities.
Other markets moved sideways with the Vietnam stock index, the best performer in the region, up 0.3 per cent, while Malaysia and Singapore traded steady.
Indonesia’s Jakarta Composite Index was trading 0.14 per cent down, after the World Bank revised down its GDP growth forecast for the largest economy in Southeast Asia.-- Reuters