SE Asia Stocks -Most up; Thai, Jakarta hit over 1-year high; foreigners buy
Aug 13 (Reuters) - Thai and Indonesian stockmarkets rose to more than one-year closing highs on Wednesday, while most other Southeast Asian markets were slightly firmer amid caution among investors due to worries about global growth. Thailand's main SET index ended 1.6 percent higher, its highest close since June 4 last year, while the Jakarta Composite Index rose 0.7 percent to its highest close since May 29, 2013. Other markets were mostly sluggish as investors mostly stayed on the sidelines, with the crisis in Ukraine threatening a fragile economic recovery in Europe. Brighter corporate results offset gloomy economic news from Asia with weak loans data on Chinese banks adding to worries about the health of the global economy. The Malaysian index ended 0.4 percent firmer, with foreign investors buying a net $58.5 million in stocks. Jakarta saw inflows of $34.4 million on Wednesday. "Foreign inflows were still strong in the second half, which halted the profit-taking in the morning session," said William Suryawijaya, an analyst with Indosurya Securities. The current account deficit is still a concern, but with Indonesia's foreign reserves actually showing some increases, it indicates the macroeconomic condition is pretty stable, he said. Investors in Jakarta's stock market have been expecting the index to fall on an expected worsening of the current account deficit in the second quarter and talks about cuts in fuel subsidy. Bank Indonesia is expected to announce later this week that the country's current account deficit in April-June roughly doubled from the first quarter, but the central bank is not seen tightening policy any time soon. Bucking the trend, Singapore fell 0.1 percent, a day after the city-state's economic data pointed that weakness in the services sector is set to weigh on growth in the second half of the year. Vietnam's benchmark VN Index rebounded to end 0.2 percent firmer. For Asian Companies click; ` For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 441.80 438.51 +0.75 Singapore 3301.41 3303.39 -0.06 Kuala Lumpur 1858.04 1850.39` +0.41 Bangkok 1544.55 1520.31 +1.59 Jakarta 5168.27 5132.40 +0.70 Manila 6986.24 6983.49 +0.04 Ho Chi Minh 602.76 601.78 +0.16 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 441.80 388.37 +13.76 Singapore 3301.41 3167.43 +4.23 Kuala Lumpur 1858.04 1866.96 -0.48 Bangkok 1544.55 1298.71 +18.93 Jakarta 5168.27 4274.18 +20.92 Manila 6986.24 5889.83 +18.62 Ho Chi Minh 602.76 504.63 +19.45 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (1 US dollar = 3.1920 Malaysian ringgit) (1 US dollar = 11,690.0000 rupiah) (Reporting by Shihar Aneez in New Delhi and Fransiska Nangoy in Jakarta; Editing by Prateek Chatterjee)
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