SE Asia Stocks-Indonesia leads, but set to post 2nd monthly loss
JAKARTA, July 31 (Reuters) - Southeast Asian stock markets traded mostly higher on Friday, with Indonesia's rebound leading the region despite disappointing earnings results from big companies. Indonesia's main stock index rose as much as 1.6 percent on Friday, but was on track to post a loss for the week and its second consecutive monthly decline. Analysts said the index was on a technical rebound on Friday after posting a 3 percent decline for the week to Thursday. However, the gain is expected to be temporary. "Investors should beware since there is no strong enough indication that corporate earnings will improve in the next quarters without government support through infrastructure spending," said Norico Gaman, head of research at BNI Securities in Jakarta. Shares of Indonesian conglomerate PT Astra International Tbk rose 1.5 percent despite reporting an 18 percent decline in profit for the first-half. The Malaysian stock index gained 0.7 percent, on track for its first monthly gain after three consecutive monthly losses. Shares of oil products retailer Petronas Dagangan Bhd were among the top gainers with a 2.9 percent increase. Thailand's stocks were up 0.9 percent after market reopened from a holiday. Bucking the trend, the Singapore index was down 1.4 percent. Noble Group shares led the decliners, falling 12.5 percent, as concerns grew about the outlook for Asia's biggest commodity trader amid a scrutiny of its accounting practices and pressure on its credit rating. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on 0410 GMT Market Current Prev Close Pct Move Singapore 3205.00 3249.52 -1.37 Kuala Lumpur 1712.57 1699.92 +0.74 Bangkok 1430.07 1417.49 +0.89 Jakarta 4786.42 4712.49 +1.57 Manila 7519.04 7510.39 +0.12 Ho Chi Minh 627.79 626.57 +0.04 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)
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