SE Asia Stocks-Snap losing streaks as oil prices rebound
BANGKOK, Jan 22 (Reuters) - Southeast Asian stock markets snapped a two-day losing streak on Friday, in line with Asia, with the Philippines recovering from an oversold zone and banking shares climbing in Malaysia after a central bank move to boost liquidity in the system. Hints of more monetary policy support by the European Central Bank and a rally in crude oil from 12-year lows lifted Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan posting its first gain in three days. Stocks in the Philippines led the region's rebound, with the Philippine composite index up 2 percent. Its 14-day Relative Strength Index (RSI) was at 33.8 at the close, bouncing off an oversold territory of below 30 on Thursday. It dropped 3.7 percent on the week, among market laggards, along with Vietnam's 3.8 percent weekly decline. In Kuala Lumpur, banking shares rose on optimism about liquidity outlook. Shares of CIMB Group Holdings were among outperformers with a 4.6 percent gain. Malaysia's central bank unexpectedly cut the statutory reserve requirement ratio (SRR) to 3.5 percent effective Feb. 1 to add more liquidity into the banking system. The announcement came after market hours on Thursday. [nL3N1541M9} The Malaysian bourse said foreign investors bought shares for the first time in twelve days worth a net 117 million ringgit ($27.25 million). The market will be closed on Monday for a public holiday, reopening on Tuesday. Most markets in the region extended losses for a third week amid a wave of risk aversion and plunge in oil prices. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current previous close Pct Move Singapore 2577.09 2532.7 1.75 Bangkok 1268.03 1245.61 1.80 Manila 6208.05 6084.28 2.03 Jakarta 4456.744 4414.126 0.97 Kuala Lumpur 1625.21 1600.92 1.52 Ho Chi Minh 522.24 521.88 0.07 Change so far this year Market Current End prev yr Pct Move Singapore 2577.09 2882.73 -10.60 Bangkok 1268.03 1288.02 -1.55 Manila 6208.05 6952.08 -10.70 Jakarta 4456.744 4593.008 -2.97 Kuala Lumpur 1625.21 1692.51 -3.98 Ho Chi Minh 522.24 579.03 -9.81 ($1 = 36.0400 baht) ($1 = 4.2940 ringgit) (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
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