SE Asia Stocks -Malaysia's stock index posts biggest gain since May
JAKARTA, Dec 10 (Reuters) - The Malaysian stock market led the gains in Southeast Asia on Wednesday, rebounding from a 15-month low in the previous session to post its biggest one-day gain since May. The Malaysian main index closed up 1.6 percent, with analysts saying the falls of the past few days due to concerns over falling oil prices made the stocks attractive and prompted investors to start accumulating selectively. Latex products manufacturer Hartalega Holdings Bhd rose 1.5 percent after Maybank IB Research upgraded the stock to "buy" and raised its target price, citing the company's earnings profile and saying it was benefiting from a stronger dollar. Telecommunications company Axiata Group Bhd gained 4.5 percent, rebounding from its lowest in nearly seven months hit in the previous session. In Indonesia, a rally in blue-chips helped the main stock index rise 0.8 percent. Credit rating agency Moody's said on Wednesday Indonesia would benefit from lower oil prices. "Those that are battling high inflation and large oil subsidy bills, such as Indonesia and India, will benefit most from a lower price environment," Moody's said in a statement. Shares in the country's second largest lender by assets, PT Bank Rakyat Indonesia Tbk, rose 2.9 percent. Indonesian brokerage Danareksa reiterated its "buy" rating on the stock, citing a "well-managed deposits structure and resilient margins". Singapore and Vietnam rose modestly, but Philippines edged down, bucking the regional trend. The Thai stock market was closed on Wednesday for a public holiday and will reopen on Thursday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3325.81 3319.84 +0.18 Kuala Lumpur 1765.52 1738.10 +1.58 Bangkok -- 1559.56 -- Jakarta 5165.41 5122.31 +0.84 Manila 7175.08 7183.87 -0.12 Ho Chi Minh 557.19 555.31 +0.34 Change on year Market Current End 2013 Pct Move Singapore 3325.81 3167.43 +5.00 Kuala Lumpur 1765.52 1866.96 -5.43 Bangkok 1559.56 1298.71 +20.1 Jakarta 5165.41 4274.18 +20.8 Manila 7175.08 5889.83 +21.8 Ho Chi Minh 557.19 504.63 +10.4 (Reporting by Fransiska Nangoy; Editing by Prateek Chatterjee)
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