Singapore snaps 4-session losing streak
Most South-east Asian shares edged higher on Thursday (Feb 8) tracking broader Asia while Singapore rebounded as lenders gained after index heavyweight DBS Group Holdings reported strong earnings.
However, China stocks ended lower to post a third consecutive session of losses, with the benchmark Shanghai index hitting a six-month low, even as data showed the country’s trade performance in January exceeded expectations.
MSCI’s broadest index of Asia-Pacific shares outside Japan was trading up 0.1 per cent at 566.60, while the S&P e-mini futures were largely flat in late Asian trading hours.
Singapore shares ended 1 per cent higher, snapping four sessions of losses with DBS Group Holdings surging 5.3 per cent after posting a 33 per cent rise in fourth-quarter profit.
United Overseas Bank and Oversea-Chinese Banking Corporation rose around 1 perc ent each.
In Shanghai, investors dumped blue chips, including energy and banking firms, as well as infrastructure and property companies.
The sell-off came even after China’s state-backed securities newspapers, including China Securities News and Securities Times, ran articles reassuring investors that mainland stocks had quite solid fundamental support and that their valuations were relatively low among the world’s major markets.
It also comes on the heels of China’s January trade growth which easily beat market expectations, with exports rising 11.1 per cent year-on-year and imports surging 36.9 per cent, customs data showed on Thursday.