SE Asia Stocks-Philippine at record high; oversold Thai shares rebound
BANGKOK, March 30 (Reuters) - Most Southeast Asian stock markets rose on Monday as inflows from end-quarter portfolios boosted select large caps, with the Philippine index rising to a record high and oversold Thai shares rebounding from recent losses. Asian stock markets were subdued in a week book-ended with Easter holidays across the globe and a U.S. jobs report that could affect the timing of the first hike in interest rates there. The Philippine main index rose 1.6 percent to a record high of 8,001.88. It had closed at 7,877.96 on Friday, marking a second successive day of record closing high after the central bank left key policy rates steady as expected. In Bangkok, the SET index perked up 0.3 percent, its first gain in seven sessions. Its 14-day Relative Strength Index (RSI) rebounded to 31.7 from Friday's close of 29.7. A level of 30 or lower indicates the market is oversold. Fund managers bought battered Thai shares, while investors monitored economic data for clues on domestic interest rates. "Thai February economic data is set to determine if further MPC cut is warranted," strategists at broker KGI Securities wrote in a report. "SET consolidation is likely, with downside limited by strong buying from local funds for their so-called trigger funds and window dressing for the first quarter." Data released early on Monday showed Thai factory output in February unexpectedly rose for the first time in nearly two years. The Jakarta composite index climbed 0.9 percent to 5,447.45. Broker Nomura said valuation expansion and strong 2016 earnings should take the index to 6,100 by end-2015. Singapore's Straits Times Index was nearly flat at 3,452.56. Broker NRA Capital said in a report that market sentiment would remain tentative and cautious ahead of the first-quarter results season to start in less than two weeks. Among regional top gainers, the Philippines' biggest firm by value, SM Investments Corp, jumped 3 percent, Thailand's top telecoms firm, Advanced Info Service, gained 1.7 percent and Indonesia's Astra International rose 2.7 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0522MT Market Current Prev Close Pct Move Singapore 3452.56 3450.10 +0.07 Kuala Lumpur 1822.83 1813.37 +0.52 Bangkok 1499.50 1495.22 +0.29 Jakarta 5447.45 5396.85 +0.94 Manila 8001.88 7877.96 +1.57 Ho Chi Minh 550.35 551.42 -0.19 (Reporting by Viparat Jantraprap; Additional reporting by Karen Lema in Manila and Aradhana Aravindan in Singapore; Editing by Subhranshu Sahu)
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