SE Asia Stocks-Mixed; Singapore outperforms
HANOI, April 24 (Reuters) - Southeast Asian stocks were mixed on Thursday, with Singapore's Straits Times Index rebounding 0.55 percent from a profit-taking session, led by gains in SingTel, the city state's biggest listed firm by market capitalisation. Singapore Telecommunications Ltd (SingTel) was the top gainer with shares advancing as much as 1.62 percent to their highest since Dec. 2, 2013 in early trade. "It has been quiet for a while, while the rest of index has moved up, especially commodities, then property recently," said broker Chew Kuan Yee with CIMB. SingTel has gained around 2.5 percent since the beginning of this year against the Straits Times Index's 3.4 percent rise, Reuters data showed. The index is likely to continue rising on inflows from developed to emerging markets, where there were sell-outs during the first few months of 2014, Kuan Yee added. Bangkok's SET Index was up 0.08 percent, hovering around its critical resistance level, while analysts expect it to face a correction soon. "There is no fundamental support for this rally... We see visible signs of a slowdown even on companies that we have a positive view on," Maybank Kim Eng said in a note to clients. Stocks in Indonesia edged up 0.11 percent, while the Philippine index, Southeast Asia's best performer, lost 0.57 percent at 6,731.23. Malaysia and Vietnam dipped 0.07 percent each. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0540 GMT Market Current Prev Close Pct Move TR SE Asia Index* 421.26 420.47 +0.19 Singapore 3276.02 3258.01 +0.55 Kuala Lumpur 1866.04 1867.35 -0.07 Bangkok 1424.59 1423.39 +0.08 Jakarta 4898.62 4893.15 +0.11 Manila 6731.23 6769.52 -0.57 Ho Chi Minh 568.98 569.36 -0.07 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)
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