SE Asia Stocks-Up with Asia after China data; Philippines leads on technicals

miércoles 13 de enero de 2016 01:49 GYT

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.  
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 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)