SE Asia Stocks-Singapore, Philippine lead gains on upbeat regionals
BANGKOK, March 2 (Reuters) - Southeast Asian stock markets rose on Wednesday, with Singapore and the Philippines climbing 2 percent each, as global risk sentiment improved with stronger oil market and investors sought for bargains in battered shares in key sectors such as banks. The key Straits Times Index traded up 1.95 percent, led by a 3.1 percent rally in shares of DBS Group Holdings , the most actively traded by turnover. Nomura's ASEAN banks strategists said most ASEAN banks were attractively priced, with DBS its top pick among Singapore banks. Singapore banks fell 2 percent last month on concerns over the costs related to a China slowdown and the fall in commodity prices. "We think the market has overreacted to concerns over their asset quality," they wrote in a report. Philippine composite index jumped 2 percent to a near two-month high. Metro Pacific Investments Corp hit the highest since June 2013 after it posted a 20 percent increase in full-year net profit. Malaysia's index advanced to a near two-month high. Thai index breached a key 1,350 level, with telecoms stocks rallying on hopes of network expansions boosting growth. Total Access Communication surged 10.2 percent. "The SET could continue to head up for a little while amid optimistic assumptions of the absence of fresh negative factors, additional QE by the ECB, steady rate decision by the Fed, a soft landing for China, and oil producers settling to stabilize crude prices," said broker Krungsri Securities in a report. Indonesia advanced to the highest since August and Vietnam extended gains led by banks and energy stocks. Asian shares rallied to a near two-month high as overnight gains in oil prices and a batch of positive economic data from Australia to the United States calmed fears of a global economic slowdown. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0644 GMT Market Current Prev Close Pct Move Singapore 2734.80 2682.39 +1.95 Kuala Lumpur 1683.75 1670.82 +0.77 Bangkok 1362.25 1346.95 +1.14 Jakarta 4838.47 4779.98 +1.22 Manila 6864.58 6729.53 +2.01 Ho Chi Minh 569.05 561.56 +1.32 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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