SE Asia Stocks-Up with Asia after China data; Philippines leads on technicals
BANGKOK, Jan 13 (Reuters) - Southeast Asian stock markets rose on Wednesday as Chinese trade data lifted the mood in Asia, helping oversold Philippine stocks recover for a second day, while a rally in banking shares sent the Thai benchmark to a more than one-week high. The Philippine composite index was up 2.2 percent, further regaining lost ground after Monday's 4.4 percent fall. Technical-led buying was active but indicators still pointed to weak market, said Manila-based broker Regina Capital. "In a down trending market, seeing this pattern suggests a potential rally but take note that its signal strength is weak," it said. "We need the index to keep its 6,300-6,279 support range intact to prevent further declines to as low as 6,000." In Bangkok, focus shifted to earnings announcement as banks kicked off a reporting season this week. Siam Commercial Bank and Kasikornbank each rallied more than 4 percent after a broker upgrade. The broader SET index climbed 1.4 percent to the highest since Jan. 4. "Overall, the SET index should continue a fragile recovery, driven by low valuations of major sectors and expectation for a modest recovery in Thai macro momentum," said broker KGI Securities in a report. Indonesia was up 0.9 percent, building on Tuesday's gains. Stocks in Singapore and Malaysia traded slightly higher, giving up most early gains while Vietnam drifted into negative territory. Asian shares, as measured by MSCI's broadest index of Asia-Pacific shares outside Japan, rose 1.6 percent after China's total trade in December shrank much less than expected, but still likely consigned the economy to its weakest annual growth in 25 years. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0530 GMT Market Current Prev Close Pct Move Singapore 2692.60 2691.78 +0.03 Kuala Lumpur 1642.63 1641.37 +0.08 Bangkok 1272.76 1255.30 +1.39 Jakarta 4552.85 4512.53 +0.89 Manila 6470.41 6330.55 +2.21 Ho Chi Minh 564.14 564.26 -0.02 (Reporting by Viparat Jantraprap in Bangkok and Erik dela Cruz in Manila; Editing by Anand Basu)
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