SE Asia Stocks - Rise; Thai local fund buying strong
BANGKOK, Nov 3 (Reuters) - Southeast Asian stock markets rose on Tuesday as improved global market sentiment tempted buyers back in, helping indexes in Singapore and Malaysia snap losing streaks. The Thai benchmark index touched a near one-week high amid buying led by domestic funds. Trading volumes of most share markets remained light as investors gauged quarterly earnings releases in the region for indications of growth outlook. Singapore's key Straits Times Index traded up 1 percent, recovering some of the 3.5 percent drop over past five consecutive sessions. Malaysia's Kuala Lumpur composite index gained 0.4 percent after Monday's sixth-straight session of losses. Broker NRA Capital said it expected a little recovery in Singapore on the back of Wall Street's rise, "but again, the movements will likely be on low volume given that funds are likely to hang on to any gains made this year unless visibility is clearer." Banking shares such as DBS Group Holdings led the rebound. Citi Research said in a report it viewed Singapore banks as more defensive into 2016 versus peers in Southeast Asia where non-performing loan formation is climbing. In Bangkok, the SET index was up 0.1 percent at 1,415.25, extending the gains over the past three days when investment managers of long-term equity funds (LTFs) and retirement mutual funds (RMFs) bought shares. "The LTFs and RMFs inflows will be active in November and December. We see the SET could rise to hit 1,435 and 1,470 towards the end of the year," said strategist Viwat Techapoonphol of broker Tisco Securities. Demand for the funds is often strong before the end of the year due to tax incentives. Stocks in the Philippines and Indonesia extended the rebound on Monday. Vietnam edged slightly higher after the decline on Monday, with gains by Vinamilk holding up the market despite losses in most stocks. Asian share markets crept ahead on Tuesday after the benchmark for U.S tech stocks hit its highest in 15 years, while a holiday in Japan kept currencies tethered within recent tight ranges. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0544 GMT Market Current Prev Close Pct Move Singapore 3004.76 2974.41 +1.02 Kuala Lumpur 1671.13 1664.07 +0.42 Bangkok 1415.25 1413.34 +0.14 Jakarta 4532.44 4464.95 +1.51 Manila 7217.96 7198.85 +0.27 Ho Chi Minh 603.48 602.76 +0.12 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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