SE Asia Stocks-Most rebound on share buyback, bargain hunting
BANGKOK, Aug 25 (Reuters) - Most Southeast Asian stock markets rebounded on Tuesday, helped by bargain hunting and share buyback plans of some companies, with Indonesian benchmark recovering from over 1-1/2-year low on Monday, but concerns over China's economy limited further gains. The Jakarta composite index rose nearly 2 percent, regaining some of the 4 percent fall to the lowest close since December 2013 on the previous day. State-controlled firms such as Telekomunikasi Indonesia and Bank Mandiri led the rebound after a cabinet minister said state-owned enterprises are repurchasing their shares from Tuesday. The Thai SET index was up 0.4 percent, after a volatile trading. Some large-caps and energy shares such as PTT Exploration and Production fell amid further routs in U.S. stocks and drop in oil prices overnight. Shares of PTT Global Chemical jumped 6 percent following a share buyback plan, a day after its stock hit an all-time closing low. Broker Maybank Kim Eng Securities expected more listed firms to buy back shares as prices are now undervalued. "Although stocks tied to the global economy and energy/petrochemical stocks will still underperform the market, their share prices are now trading below -1SD (standard deviation)," the broker's strategists wrote in a report. Singapore's Straight Times Index climbed 1.8 percent, with shares in top three lenders, including DBS Group Holdings, rising after sharp falls the day before. "We expect some technical rebound today but this will still be in the nature of more cautious nibbling," said broker NRA Capital in a report. Indexes of Malaysia and Vietnam both rebounded from an early slide to new multi-year lows. The Philippines' benchmark stock index was a tad 0.09 percent lower after touching a 16-month low in early trading. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0501 GMT Market Current Prev Close Pct Move Singapore 2896.04 2843.39 +1.84 Kuala Lumpur 1545.31 1532.14 +0.86 Bangkok 1305.89 1301.06 +0.37 Jakarta 4244.96 4163.73 +1.95 Manila 6784.67 6791.01 -0.09 Ho Chi Minh 532.77 526.93 +1.11 (Reporting by Viparat Jantraprap; Additional reporting by Fransiska Nangoy in Jakarta; Editing by Anand Basu)
© Thomson Reuters 2016 All rights reserved.