SE Asia Stocks-Most up; Thailand, Philippines rise further
HANOI, June 3 (Reuters) - Southeast Asian stocks rose on Tuesday, tracking strong regional markets, with Thai shares extending gains beyond their seven-month highs hit on Monday after the military junta running the country outlined a plan to speed up the recession-threatened economy. The military junta running Thailand has drawn up a list of emergency measures such as price caps on fuel and loan guarantees for small firms to kick-start the economy that suffered from months of political turmoil. Asian shares gained on Tuesday, with the Nikkei hitting a two-month high, supported by solid U.S. and Chinese manufacturing data. Oil and gas firm PTT Pcl climbed 1.68 percent, while Kasikorn Bank Pcl led the lenders to advance 1.81 percent as investors expected more loans would be needed for coming investments. Stocks in some industrial land developers such as Hemaraj Land Development Pcl also jumped on the government's approval of new investment projects worth as much as $21 billion within the next two months. Hemaraj Land advanced 4.4 percent. The SET Index hit its highest close since Oct. 31 on Monday, with foreign investors snapping their nine-day selling streak to buy a net 2.7 billion baht ($82 million) worth of Thai equities. Analysts said Bangkok shares had shown signs of bullish trading and expected the index to correct in between 1,460 and 1,480 points. The Philippine SE Composite Index also ticked up 1.33 percent by midday on Tuesday, on track for a second straight gain that would help recover most of its losses suffered late last week when the index tumbled on weaker-than-expected GDP data. Trading volume was also heavy on the Philippine Stock Exchange, with midday level already surpassing its five-day daily average level, Reuters data showed. Ayala Land Inc led gains, increasing 2.77 percent. Most other regional indices also advanced, with Malaysia rising 0.27 percent and Indonesia's Jakarta SE Composite Index gaining 0.46 percent. Vietnam's benchmark VN Index rose 0.53 percent by midday while Singapore stocks bucked the trend, edging down 0.15 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0534 GMT Market Current Prev Close Pct Move TR SE Asia Index* 423.83 421.99 +0.44 Singapore 3297.20 3302.24 -0.15 Kuala Lumpur 1869.30 1864.25 +0.27 Bangkok 1451.79 1440.94 +0.75 Jakarta 4934.71 4912.09 +0.46 Manila 6799.83 6710.40 +1.33 Ho Chi Minh 559.75 556.80 +0.53 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1 = 32.8900 Thai Baht) (Reporting by Mai Nguyen; Editing by Anand Basu)
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