SE Asia Stocks -Most up; Indonesian shares rise ahead of Q2 results
BANGKOK, July 29 (Reuters) - Most Southeast Asian stock markets rose on Wednesday, with Indonesian benchmark rebounding from a 16-month low as investors selectively bought shares ahead of quarterly results, while most others recovered from recent losses in line with broader Asia. The Jakarta composite index traded up 0.4 percent after Tuesday's close of 4,714.76, the lowest since March 2014. Shares of Bank Central Asia Tbk was up 0.6 percent ahead of the release of first-half results. "The JCI was hard hit by expected poor second-quarter corporate earnings which would mostly be released by this week," said Harry Su, head of research at broker Bahana Securities in Jakarta. "Once, analysts cut earnings and the market makes proper downward adjustment then the JCI can undergo some rebound. It's all about corporate earnings at the moment," he said. Singapore's key index traded a tad 0.06 percent higher while Malaysia's index drifted slightly into negative territory in a rangebound trading. Wall Street's overnight gains might get a slight boost to early sentiment but recent losses in Chinese bourses and a cabinet reshuffle in Malaysia on Tuesday are set to cap gains, said Singapore-based broker NRA Capital. "The losses in the Chinese bourses, the element of political uncertainty in Malaysia may lead to some profit-taking instead, limiting upside," it said in a report. In Bangkok, shares of Siam Cement Pcl were down 0.4 percent ahead of second-quarter earnings release due midday, with the broader SET index trading 0.1 percent lower. Indexes in the Philippines and Vietnam both gained, while Asian shares were mostly higher after U.S. stocks overnight ended sharply higher amid speculation the first Federal Reserve interest rate hike may not come until December. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0411 GMT Market Current Prev Close Pct Move Singapore 3283.02 3281.09 +0.06 Kuala Lumpur 1698.61 1699.70 -0.06 Bangkok 1406.46 1408.07 -0.11 Jakarta 4733.94 4714.76 +0.41 Manila 7520.35 7479.03 +0.55 Ho Chi Minh 632.56 631.47 +0.17 (Reporting by Viparat Jantraprap; Additonal reporting by Fransiska Nangoy in Jakarta; Editing by Anand Basu)
© Thomson Reuters 2016 All rights reserved.