SE Asia Stocks-Banks help Singapore post highest close in 21 months
May 2 Most Southeast Asian stock markets ended higher on Tuesday, with Singapore posting its highest close since July 2015 as banking stocks rose on the back of better-than-expected results. Financials led the gains after DBS Group, the city-state's biggest lender, posted quarterly profit above market expectations. Last week, smaller peer United Overseas Bank had reported strong quarterly profit on the back of higher net interest income and trading income. DBS Group and United Overseas Bank rose 2.6 percent and 4.6 percent, respectively. Malaysian shares closed at their highest in nearly two years. Financial and consumer stocks led the gains, with CIMB Group Holdings Bhd, the country's second largest bank by assets, finishing 2.4 percent higher. Philippine shares ended 0.6 percent higher, underpinned by gains in industrial and real estate stocks. Property developer SM Prime Holdings was among the top performers, rising 3 percent. Indonesian shares reversed early gains to end the session marginally lower. Indonesia's annual inflation rate rose in April to the highest in 13 months, which was more than expected in a Reuters poll. Broader Asian markets were stronger after a long holiday weekend, with investors making bullish bets as an overnight rally on Wall Street and easing geo-political concerns over North Korea boosted sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan rose to its highest since June 2015. Tensions over the Korean peninsula eased slightly after U.S. President Donald Trump said on Monday he would be honoured to meet North Korea's supreme leader Kim Jong Un under the right circumstances. Vietnam stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY STOCK MARKETS Market Current previous Pct Move close Singapore 3211.11 3175.44 1.12 Bangkok 1564.12 1566.32 -0.14 Manila 7703.1 7661.01 0.55 Jakarta 5675.808 5685.298 -0.17 Kuala Lumpur 1778.47 1768.06 0.59 Change so far this year Market Current End prev yr Pct Move Singapore 3211.11 2880.76 11.47 Bangkok 1564.12 1542.94 1.37 Manila 7703.1 6840.64 11.20 Jakarta 5675.808 5296.711 7.16 Kuala Lumpur 1778.47 1641.73 8.33 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Subhranshu Sahu)