SE Asia Stocks - Mostly up; China PMI boosts region
June 23 (Reuters) - Most Southeast Asian stock markets edged up on Monday aided by upbeat news from China's factory sector and fresh highs on Wall Street, boosting investor appetite for riskier assets. Activity in China's factory sector expanded in June for the first time in six months as new orders surged, a preliminary HSBC survey showed on Monday, offering new signs the economy is stabilising thanks to Beijing's measures to shore up growth. In Bangkok, trading volume was fairly moderate, while profit-taking was seen from time to time, said Teerada Charnyingyong, a strategist at broker Phillip Securities. "The SET index advanced along with regional bullish sentiment on better-than-expected China HSBC PMI for June. Banks put pressure on the market as most of them reported loan growth drop in May," she said. Charnyingyong expects the index to trade sideways for a while, awaiting fresh market moving news, particularly the progress of infrastructure projects, political and energy reforms. Energy shares helped the Thai index gain on hopes that oil prices are likely to hold at current levels due to ongoing fighting in Iraq amid escalating violence. In Jakarta, Indonesian coal miner PT Bumi Resources Tbk plunged to a 11-year low after its failure to gain approval from bondholders to change the terms of $375 million worth of bonds due Aug. 5 sparked fears of a potential default. Malaysia, bucking the trend, traded 0.1 percent down at 0642 GMT For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0642 GMT Market Current Prev Close Pct Move TR SE Asia Index* 424.78 423.80 +0.24 Singapore 3260.23 3258.80 +0.05 Kuala Lumpur 1883.26 1885.72 -0.13 Bangkok 1470.30 1467.29 +0.21 Jakarta 4853.51 4847.70 +0.12 Manila 6759.89 6730.96 +0.41 Ho Chi Minh 564.71 560.78 +0.70 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Shihar Aneez; Editing by Sunil Nair)
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