SE Asia Stocks-Most higher; oil and gas stocks recoup some losses
BANGKOK, Dec 2 (Reuters) - Southeast Asian stock markets mostly gained on Tuesday, with the Singapore index rebounding from Monday's two-week closing low amid bargain hunting in battered oil and gas stocks as crude oil markets bounced back from five-year lows. Singapore's key Straits Times Index rose 0.7 percent to 3,327.21 after hitting 3,305.64 at the close on Monday. Shares of Ezion Holdings led the gainers, trading up 4.5 percent after Monday's 16 percent drop. The recovery in crude oil prices would alleviate selling in oil and gas related stocks, said Singapore-based broker NRA Capital. It expected the market's rise to be small. "It is likely gains will be capped as the mood remains uncertain with concerns that Europe's recovery is still tenuous at this stage," it said. Crude oil markets jumped as much as 5 percent on Monday on fears the high U.S. shale output blamed for the global oil glut may be shrinking. Indonesia's index rose for a fifth session to the highest since Sept. 25. Shares of coal miner PT Bumi Resources Tbk surged as much as 12.2 percent after three of its units filed for protection from creditors in the United States. In Bangkok, shares of the country's top oil and gas firm PTT were up 0.6 percent after a 5 percent slide on Monday while the SET index eased 0.3 percent. Broker Maybank Kim Eng Securities advised investors to slow investments ahead of the ECB meeting this week, awaiting details of a bond purchase program. "If the ECB announces the bond purchasing program, more capital from hedge funds will flow into emerging and Thai markets," it said in a report. In Kuala Lumpur, shares of Sapurakencana Petroleum rose 1.2 percent, recouping from a 10 percent fall on Monday, and helping trim some losses in the broader market. Malaysia's key stock index eased 0.4 percent, extending losses for a fourth day to a near oversold territory. Its 14-day Relative Strength index (RSI) stood at 31.9. A level of 30 or lower indicates the market is oversold. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0626 GMT Market Current Prev Close Pct Move Singapore 3327.21 3305.64 +0.65 Kuala Lumpur 1770.71 1778.27 -0.43 Bangkok 1589.53 1593.82 -0.27 Jakarta 5186.86 5164.29 +0.44 Manila 7336.29 7331.73 +0.06 Ho Chi Minh 569.29 568.01 +0.23 (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)
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