The S&P 500 has climbed 12 percent this year, with technology and
financial stocks posting the biggest gains. Investor optimism that global
central banks will take actions to stimulate growth has pushed the gauge up
since June 1.
At the same time, trading volume
and volatility have dropped this month as vacationing traders await policy
clues from the Federal Reserve’s annual summit in Jackson Hole, Wyoming,
beginning Aug. 30 and a European Central Bank meeting in September.
Thailand
Growth was 3.3% in the second
quarter, compared to the previous three months. Analysts had forecast growth of
1.7%.
Thailand has taken various
measures to boost domestic demand to help recover from last year’s devastating
floods.
Analysts said the steps had
helped offset a decline in global demand for exports.
“Thailand is one of the more
resilient economies compared with its Asian peers with regards to the risk and
headwinds from the US and Europe,” Philip Wee of DBS bank told the BBC’s Asia
Business Report.
Compared with the same period
last year, the economy grew by 4.2%
Singapore
Singapore’s economy may continue
to see downside risks from the debt crisis in Europe and weakness in the US
economy, but some economists say the city state could still see some upside.
This was due to the growth
prospects of its regional neighbours.
Analysts say they are surprised
by the narrowing of the GDP growth forecast for the year to between 1.5 and 2.5
per cent, as announced by Singapore Prime Minister Lee Hsien Loong in his
National Day message.
The figures comes in below
analysts’ expectations. Standard Chartered, for instance, has a projection of
2.8 per cent.
The Ministry of Trade and
Industry had forecast GDP growth to be between 1 per cent and 3 per cent
earlier this year.
Some economists believe the
Singapore’s economy may have expanded slightly in the second quarter, based on
the 1.7 per cent growth in the first half.
While the ongoing crisis in
Europe will continue to dampen sentiment and negative news from the US will
spook consumer and investors, economists say one key growth driver will be the
pick up in China.
Philippines
Local stock trading is forecast
to remain weak when the market reopens Wednesday as investors scramble for
leads in an abbreviated trading week.
Markets were closed Monday due to
a holiday ending the Muslim holy month and Tuesday, having been declared Ninoy
Aquino Day.
In a research note to its
clients, AB Capital Securities said sentiment this week would likely be driven
by developments abroad, given that the local earnings season has already ended.
“One important event [this] week
will be the Federal Reserve’s release of Federal Open Market Committee meeting
minutes, which will give insights into the US financial and economic conditions
for the month,” AB Capital’s Gregg Adrian Ilag said.
He noted, however, that stocks on
the Philippine Stock Exchange were now trading at an average of 16 times their
earnings on a per-share basis, which he said was a premium to historical
valuations.
Sydney rose 0.44 percent,
or 19.1 points, to 4,383.4, while Seoul closed 0.16 percent, or 3.09 points,
lower at 1,943.22.
Hong Kong was flat,
edging down 4.18 points, to close at 20,100.09 as traders shifted focus to a
flurry of corporate earnings reports out this week, while Shanghai closed up
0.54 percent, or 11.31 points, to 2,118.27.
Taipei rose 1.01 percent, or
74.90 points, to 7,506.81.
Taiwan Semiconductor
Manufacturing Co. gained 1.46 percent to Tw$83.6 while Hon Hai Precision was
1.30 percent higher at Tw$85.9.
Wellington climbed 0.73
percent, or 26.65 points, to 3.687.74.
Telecom Corp. gained 2.4 percent
to NZ$2.805 while Fletcher Building rose 1.4 percent to NZ$6.66.
Bangkok edged up 0.27
percent, or 3.29 points, to 1,232.29.
Department store owner CPN gained
3.03 percent to 51 baht, while PTT lost 0.29 percent to 341 baht.
Singapore climbed 0.12
percent, or 3.66 points, to 3,065.77.
Asia Pacific Breweries rose 4.81
percent to Sg$53.00 and Singapore Telecommunications gained 1.82 percent to
Sg$3.35.
India’s Sensex Index rose 1.10
percent, or 194.18 points, to 17,885.26, partly because of expectations that
fiscal reforms will soon be implemented by the government, analysts said.
Jakarta, Kuala Lumpur and Manila were closed for public holidays.
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