SE Asia Stocks -Rise with Asia, Indonesia set for best gains in nearly 6 weeks
BANGKOK, Oct 5 (Reuters) - Southeast Asian stock markets rose on Monday as hopes that the current low U.S. interest rates would carry over into next year lifted sentiment across Asia, with the Indonesian benchmark heading for its best gain in almost six weeks. The Jakarta composite index was up 2.7 percent, on track for the biggest single day rise since Aug. 27. Buying led by foreign investors helped shares of battered banks recoup some of their recent losses, led by Bank Rakyat Indonesia. Financial shares were among the sectors hit last month when the Indonesian stock market suffered net foreign outflows for a fifth straight month, worth about 7.2 trillion rupiah ($493.35 million), stock exchange data showed. Singapore's key Straits Times Index climbed 1.4 percent to the highest in more than a week. "Some bargain hunting is likely as shares of banks, telcos and property issues have fallen to multi-year lows," broker NRA Capital said in a report. Indexes in Malaysia, the Philippines and Vietnam all rebounded after falling on Friday while the Thai key SET index gained almost 1 percent after eking out small gains on the previous trading day. Broker Krungsri Securities in Bangkok said it expected any market rise to be small as investors awaited quarterly financial results of listed firms due out in coming weeks. "We see limited immediate upside as investors remain cautious about third-quarter earnings, which should slow with the overall economy," said the broker in a report. Asian stocks rose on Monday after the prospect of an imminent interest rate hike by the Federal Reserve faded after Friday's weaker-than-expected U.S. employment data. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0538 GMT Market Current Prev Close Pct Move Singapore 2833.28 2793.15 +1.44 Kuala Lumpur 1641.13 1628.80 +0.76 Bangkok 1359.86 1346.35 +1.00 Jakarta 4321.14 4207.80 +2.69 Manila 6940.24 6850.61 +1.31 Ho Chi Minh 566.87 562.31 +0.81 ($1 = 14,560.0000 rupiah) (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.