Singapore stocks outperform other markets in Southeast Asia this week

Amid mixed signals from China’s manufacturing sector.

Southeast Asian stocks mostly gained on Thursday, with Malaysia and Singapore outperforming other markets in the region amid mixed signals on the Chinese manufacturing sector.

According to a report by Reuters, Singapore's Straits Times Index rose to its highest level since Oct. 9, led by financials, while the Jakarta Composite Index was up 0.4 percent.

Reuters adds that Malaysian shares gained 0.8 percent to their highest in nearly two weeks, led by consumer cyclical stocks like Genting and Genting Malaysia.

Here’s more from Reuters:

Shares of Malaysia's second-biggest bank, CIMB Group Holdings Bhd, fell after local media reported that the Employees Provident Fund (EPF), a key CIMB shareholder, may be forced to cut its stake to push through a planned merger.

Asian shares sagged after a retreat on Wall Street and falling crude oil prices rekindled investor anxiety over slowing global growth, while a mixed picture on Chinese manufacturing failed to impress markets.

The latest manufacturing read on China did little to allay those concerns. The flash HSBC/Markit manufacturing purchasing managers' index (PMI) edged up to 50.4 from a final reading of 50.2 in September, just a hair's breadth from the 50.3 reading forecast by analysts.

Bucking the trend, the Philippines share index fell 0.5 percent, while Vietnam dropped more than 1 percent as investors offloaded shares after three days of gains that followed a sharp decline last week.

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