SE Asia Stocks Most rise to new highs; Malaysia caps two-day rally

Business & Markets 2013
Written by Reuters
Wednesday, 08 May 2013 19:01
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BANGKOK (May 8): Singapore shares hit their highest close in more
than five years on Wednesday as Wilmar International Ltd jumped after
strong quarterly results while gains in large cap Ayala Land Inc helped
the Philippine main index recover from two days of losses.
The Thai SET index rose 0.8 percent, to close at its highest in almost
19-1/2 years at 1,614.15, while most other bourses ended up as
several major Southeast Asian companies have posted betterthan-
expected earnings, raising hopes from the remaining results.
Strong Chinese trade data also helped underpin sentiment in broader
Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan
up 0.98 percent and MSCI's index of Southeast Asia 0.94 percent
higher.
Shares in Singapore-listed Wilmar jumped 2.1 percent following better-than-expected quarterly earnings, with the benchmark
Straits Times Index ending up 0.9 percent at 3,413.02, the highest since January 2008.
Philippine developer Ayala Land gained 2.2 percent after it posted a 30 percent rise in quarterly net income.
The broader Philippine index edged up 0.5 percent, after a 1 percent drop over the past two sessions.
Jakarta's Composite Index climbed almost 1 percent to a record high of 5,089.33.
Bucking the trend, Malaysia's main index slipped 0.15 percent to 1,774, capping a two day rally that sent the benchmark to a
record 1,776.73 on Tuesday as Sunday's general election lifted a market overhang.