Reuters: Hot Stocks: SE Asia Stocks-Most near 3-week highs on global economy outlook

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SE Asia Stocks-Most near 3-week highs on global economy outlook Sep 10th 2013, 07:06 Tue Sep 10, 2013 3:06am EDT Sept 10 (Reuters) - All Southeast Asian stock markets traded firmer on Tuesday, with several near their three-week highs as the global economic outlook looked better after China's upbeat exports data and receding fears of a U.S. military strike on Syria. Expectations that the U.S. central bank would delay or be less aggressive in tapering its monthly bond purchases after disappointing U.S. job data also helped boost sentiment. Jakarta's Composite Index, which lost 2.9 percent last week, was up 1.8 percent as of 0622 GMT at its highest since Aug. 19. It rose nearly 3 percent in the previous session. Banks led the gains with Bank Mandiri Persero Tbk PT rising 8.6 percent and Bank Rakyat Indonesia Persero Tbk PT up 5.6 percent. Indonesian stocks were expected to continue their gains on Tuesday, said Edwin Sebayang, head of research at Jakarta-based MNC Securities. "But investors should remain disciplined and vigilant," he said, referring to the risks of foreign inflows into stocks, fall in the rupiah, a possible tapering of the U.S. stimulus programme and a military attack on Syria. Positive sentiment for the rupiah after data on Friday showed gains in foreign exchange reserves was also helping stocks, analysts said. The Philippines' main stock index was up 1.8 percent at a two-week high, while the Thai stock index rose 1.1 percent to 1,399.41, its highest level since Aug. 19, led by gains in banking shares. Foreign buying in Thai stocks boosted sentiment, while receding fears of a U.S. military strike on Syria also helped, said Teerada Charnyingyong, a senior strategist at Bangkok-based broker Phillip Securities. "Foreigners have been buying and we see the resistance level between 1,410 and 1,420," she said referring to the index. Singapore's Straits Times index was up 0.4 percent to a near three week high, while stock indices in Malaysia gained 0.9 percent to a three-week high. Vietnam's main stock index was up 0.6 percent at midday as investors snapped up cheap blue-chip equities following a slump in the index's biggest firms in the previous session. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0622 GMT Market Current Prev Close Pct Move TR SE Asia Index* 395.43 389.93 +1.41 Singapore 3100.81 3088.20 +0.41 Kuala Lumpur 1762.47 1747.03 +0.88 Bangkok 1399.41 1384.31 +1.09 Jakarta 4267.13 4191.26 +1.81 Manila 6107.61 5997.04 +1.84 Ho Chi Minh 473.08 470.16 +0.62 (Reporting by Shihar Aneez in Colombo and Andjarsari Paramaditha in Jakarta; Editing by Prateek Chatterjee) Link this Share this Digg this Email Reprints

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