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Most Southeast Asian stock markets rose on Wednesday, tracking broader Asia as investors cheered a private survey that showed accelerating growth in China's services sector amid fears of a global slowdown.

Activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, the survey showed.

Positive sentiment over the survey seeped into Southeast Asian markets with China being the region's biggest trading partner.

Singapore shares jumped 1.3%, shrugging off a central bank survey showing a sharp cut in 2019 economic growth forecasts.

Industrial and financial stocks were the top gainers, with industrial behemoth Jardine Matheson Holdings Ltd rising 5.6%, while Hongkong Land Holdings Ltd jumped 9.2%.

Thai stocks advanced 1% to a near one-month closing high after the finance minister played down recession fears.

The economy is just slowing but not in a recession yet and recently announced government stimulus measures should help lift growth to 3% this year, the minister said.

Index heavyweights Airports of Thailand and PTT PCL gained 3.5% and 1.8%, respectively.

Malaysian stocks gained 0.5% following a surprise rise in July exports.

Exports rose unexpectedly in July, rebounding from a drop in the previous month, lifted by solid demand for manufactured goods and higher shipments to China, government data showed. Financials were the top gainers, with Public bank Bhd rising 1%, while Malayan Banking Bhd added 0.5%.

Philippine shares climbed 0.5%, underpinned by real estate and industrial stocks.

Robinsons Land Corp and SM Investments Corp gained 4.1% and 3.8%, respectively.

Indonesian shares edged higher, aided by energy and real estate stocks, while Vietnam slipped on losses in consumer and industrial stocks.

Copyright Reuters, 2019


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