SE Asia Stocks-Singapore, Philippine lead gains on upbeat regionals

miércoles 2 de marzo de 2016 03:02 GYT
 

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. 
    
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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)