SE Asia Stocks -Philippines rebounds ahead of rate decision; others up
BANGKOK, June 24 (Reuters) - Most Southeast Asian stock markets rose in light volume on Wednesday as investors cautiously built positions amid hopes of a Greek debt deal, with Philippine large-caps rebounding a day ahead of the central bank's meeting on interest rates. The Philippine composite index was up 0.5 percent after a 0.8 percent fall on Tuesday to a near one-week low. Metropolitan Bank and Trust Co, the most actively-traded stock, gained 1 percent. All 16 economists in a Reuters poll predicted the central bank would leave the overnight borrowing rate unchanged at 4.0 percent, confident that increased government spending would help the economy regain steam. Trading volume in Manila fell to just 28 percent of the full-day average over the past 30 days, similar to most others in the region. In Bangkok, the SET index was up 0.8 percent at midday, recovering from the previous day's weakness. Oil prices, which edged higher on hopes of stronger-than-expected U.S. crude demand, helped lift energy shares such as PTT and PTT Global Chemical. "Both will continue to benefit from higher crude oil prices and are expected to post robust second-quarter earnings and will be window-dressing targets," strategists at broker Krungsri Securities wrote in a note to clients. Investors chose to be optimistic on the chances of a Greek debt deal, helping Asian shares rally for a sixth straight session while the dollar held broad gains as the prospect of U.S. rate rises came back on the radar. For Asian Companies click: SOUTHEAST ASIAN STOCK MARKETS Change at 0534 GMT Market Current Prev Close Pct Move Singapore 3347.98 3339.78 +0.25 Kuala Lumpur 1726.17 1726.86 -0.04 Bangkok 1515.59 1503.23 +0.82 Jakarta 4962.74 4937.65 +0.51 Manila 7585.41 7551.56 +0.45 Ho Chi Minh 593.77 593.07 +0.12 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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