Most SE Asian stocks gain; Singapore, Indonesia up nearly 1 percent

Most Southeast Asian stock markets rose on Monday, with Singapore gaining nearly 1 percent as upbeat sentiment following positive U.S. jobs data pushed global equities higher.

Asia ex-Japan shares rose 1 percent to their highest level since May 17.

Data on Friday showed that U.S. job growth accelerated in May and unemployment rate dropped to an 18-year low.

“We are following the bullish sentiment on Friday on U.S. after job data,” said Linus Loo, Head of research at Lim & Tan Securities.

“Because we (South-east Asia) are export-driven, especially Singapore, we tend to track the U.S.,” he added.

Singapore shares rose 0.9 percent in early trade. Financials drove gains, as heavyweights DBS Group Holdings and Oversea-Chinese Banking Corp gained 1.2 percent each.

Indonesian shares rose 0.8 percent led by financials and telecommunication stocks.

Indonesia’s annual inflation rate in May was 3.41 percent, slightly below the median forecast of 3.28 percent in a Reuters poll, data from the statistics bureau showed on Monday.

An index of the country’s 45 most liquid stocks rose about 1.3 percent.

Vietnam stocks rose as much as 0.9 percent, as materials and industrials extended gains from last week. Vietjet Aviation climbed nearly 7 percent while Vietcombank rose as much as 2.5 percent.

Meanwhile, Philippine shares fell 0.9 percent, dragged lower by industrial on caution ahead of inflation data due on Tuesday.

Philippine inflation likely accelerated for the fifth straight month in May, a Reuterspoll showed, but analysts were divided over when the central bank will again raise interest rates.

Aboitiz Equity Ventures slumped 3.8 percent while SM Investments Corp fell 2.7 percent.

Malaysian and Thai shares were largely unchanged in early trade.