SE Asia Stocks-Philippines, Indonesia lead regional rebound
BANGKOK, Jan 12 (Reuters) - Most Southeast Asian stock markets rose on Tuesday, led by the Philippines and Indonesia as investors bought back recently battered shares, although caution remained over China's stock markets and weak global oil prices. The Philippine composite index climbed 1.4 percent after a 4.4 percent drop on Monday. HSBC upgraded the Philippines to "overweight," partly reflecting a decline in market valuations and robust domestic demand in an election year. The Jakarta composite index advanced 1.2 percent, rebounding from a near four-week closing low on the day before. Gains in Malaysia and Vietnam were relatively small, while Singapore and Thailand retreated from early highs. Investors in most parts were more reluctant to chase share prices, according to brokers. "Singapore shares staged a feeble rebound this morning but the advance failed to gain traction as traders remained unconvinced about it sustainability," Singapore-based NRA Capital said in a midday report. Asian shares, as measured by MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent while China stocks rose as financial stocks bounced and the offshore yuan strengthened on suspected state bank intervention. Thai PTT Exploration and Production and Singapore's Keppel Corp were among top large cap losers as weak crude oil prices dented sentiment. "Market gains should be limited by continued concerns about a shaky Chinese economy and weak oil prices. There is no real new local catalyst to bolster the SET at the moment," said broker Asia Wealth Securities in Bangkok. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0639 GMT Market Current Prev Close Pct Move Singapore 2694.59 2708.85 -0.53 Kuala Lumpur 1642.22 1637.59 +0.28 Bangkok 1233.95 1234.50 -0.04 Jakarta 4513.27 4465.48 +1.07 Manila 6379.53 6288.26 +1.45 Ho Chi Minh 559.23 557.87 +0.24 (Reporting by Viparat Jantraprap; Editing by Anand Basu)
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