SE Asia Stocks - Most rebound in negative week; earnings in focus

viernes 17 de octubre de 2014 01:08 GYT
 

BANGKOK, Oct 17 (Reuters) - Most Southeast Asian stock
markets edged higher on Friday, with Singapore and Malaysia
rebounding after steep declines, while selective buying in banks
helped lift Thai and Indonesian indexes.
    Traders in Singapore expect the market to take some comfort
in Wall Street's improved closing after the turbulent falls
earlier in the week, but market volatility is likely to remain.
    The S&P 500 and Nasdaq eked out slight gains on Thursday
after another choppy session, as economic data eased fears about
the potential effect of a weakening global economy on the United
States. 
    "We expect bargain-hunting to be limited as the feeling is
the worst is still not yet over and October could still end up
to be a very brutal month," broker NRA Capital said in a report.
    Data released early on Friday showed Singapore's exports in
September rose less than expected as sales to Europe contracted
and shipments to the United States slowed. 
    Singapore's Straits Times Index was up 0.1 percent
after Thursday's drop to the lowest level since late March.
United Overseas Bank inched up 0.5 percent, recovering
some of the 1.3 percent drop on Thursday.
    The benchmark is heading for a weekly drop of 2 percent, a
fifth straight week of loss amid heightening concerns about the
health of the global economy.
    Malaysia's index gained 0.7 percent, ending five
consecutive sessions of declines. It is on track for a fall of
almost 2 percent on the week, a second straight week.
    In Bangkok, Siam Commercial Bank (SCB) gained after
reporting a rise in quarterly net profit, faring better than the
broader SET index, which was down 0.1 percent and on
course for a weekly loss of 1.7 percent. 
    A market-friendly comment from U.S. St. Louis Federal
Reserve Bank chief James Bullard overnight was supportive to
trading sentiment in emerging Asian markets, broker KGI
Securities said.
    Bullard said the U.S. central bank may want to keep up its
bond-buying stimulus for now given a drop in inflation
expectations.  
    Jakarta's composite index was up 0.7 percent, poised
for a small rise on the week. Bank Rakyat Indonesia 
and Bank Mandiri, among the most actively traded, rose
3.4 percent and 1.8 percent respectively, amid the start of a
reporting season of listed banks.
    The market gained after a Reuters report that Indonesia's
President-elect Joko Widodo plans to raise the price of
subsidised gasoline and diesel by around 50 percent within two
weeks of taking office. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0401 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3158.50       3154.21       +0.14
 Kuala Lumpur       1779.35       1767.77       +0.66
 Bangkok            1524.44       1526.15       -0.11
 Jakarta            4984.48       4951.61       +0.66
 Manila             7031.13       7028.58       +0.04
 Ho Chi Minh         586.43        587.17       -0.13
 
 (Reporting by Viparat Jantraprap; Additional reporting by
Fransiska Nangoy in Jakarta; Editing by Prateek Chatterjee)