SE Asia Stocks -Most recover; Malaysia rises from 4-1/2-month low
Aug 11 (Reuters) - Most Southeast Asian stock markets rebounded on Monday, with Malaysia rising from a 4-1/2-month closing low as easing Ukraine tensions and a rally on Wall Street helped boost investor appetite for risky assets. Malaysia's main stock index was up 0.4 percent at 0549 GMT, recovering from its lowest close since March 26, led by energy shares, while Singapore rose from a one-month low, Thomson Reuters data showed. "It's a technical rebound," Singapore-based CIMB economist Song Seng Wun said. "There's no sign global economic recovery is in danger or of disappointing quarterly earnings. The worries over geopolitical tensions in Ukraine and the Middle East have eased. We would see the rebound unless the tension threatens the markets again." The Jakarta Composite Index gained 0.8 percent from a near one-month closing low and the Philippines index rose 1 percent, recovering from its lowest since July 31. The market is likely to move mixed this week ahead of current account data scheduled for release on Friday, which is expected to worsen from a first-quarter deficit of 2.1 percent to a 4 percent deficit in the second quarter, Jakarta-based Trimegah Securities said in a note to investors. Talks of fuel price increase or limitation of fuel subsidy are also a negative sentiment on the market, Trimegah added. Shares of Malaysia Airline System (MAS) rose as much as 10.4 percent in early trade from a near two-month low after state fund Khazanah Nasional said it will offer 27 sen for each share in the company it does not own, amounting to nearly 1.4 billion ringgit ($435 million) to take the troubled airline private. In Singapore, shares of upstream oil and gas firm KrisEnergy Ltd gained more than 2.7 percent after the company said on Monday it had agreed a $65 million deal to buy out Chevron Corp's interest in an offshore oil block in Cambodia and take over as the block's operator. Ayala Land Inc one of the Philippines' top property companies, gained 1 percent after it posted a 25 percent rise in first-half net income year-on-year. Bucking the trend, Vietnam index was down 0.5 percent down by midday as sentiment was cautious after recent net selling sessions by foreigners. The Thailand market was closed for a holiday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0549 GMT Market Current Prev Close Pct Move TR SE Asia Index* 438.10 434.63 +0.80 Singapore 3311.53 3288.89 +0.69 Kuala Lumpur 1846.30 1839.87 +0.35 Jakarta 5092.31 5053.76 +0.76 Manila 6949.03 6880.34 +1.00 Ho Chi Minh 602.32 605.43 -0.51 * 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 in New Delhi; Editing by Anupama Dwivedi)
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