BANGKOK: Major Southeast Asian stocks rose on Tuesday after active buying in a reporting season and ahead of the Congressional testimony by the new head of the U.S. Federal Reserve, with Thai benchmark capped below a key 1,300 mark amid growing domestic risks.
Bangkok's SET index closed up 0.4 percent after a
rangebound session that saw the gauge moving in 1,288-1,299
range. Commodities stocks such as PTT Global Chemical Pcl
outperformed as a global recovery bolstered earnings
outlook.
Traders said players were wary of the political deadlock,
with the inconclusive Feb. 2 poll and rice farmer protests
raising risks going forward. Thai exchange noted a fall in
volumes to 83 percent of a full-day average over past 30 days.
A member of Thailand's Election Commission said it may prove
impossible to complete this month's disrupted election and the
whole vote may need to be re-run, implying many months more
under a caretaker government with limited powers.
Across the exchanges, investors piled into shares of
Southeast Asian firms following their strong earnings, including
Indonesia's Bank Mandiri Tbk and Singapore Airlines
Ltd both up more than 2 percent.
HSBC Global Research reiterated an 'overweight' rating on
Singapore Airlines, citing the stock's compelling valuation,
with a target price of S$12.5 compared to the closing price of
S$9.75.
Philippine shares outperformed in the region, with the main
index up 1 percent at the highest in more than two weeks,
with foreign investors buying shares a net 560.6 million peso
($12.46 million).
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 1.2 percent.
Fed Chair Janet Yellen is likely to face questions on the
state of the labour market and the future pace of tapering when
she appears before the House Financial Services Committee on
Tuesday.
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 384.23 381.49 +0.72
Singapore 3029.10 3017.20 +0.39
Kuala Lumpur 1824.17 1816.14 +0.44
Bangkok 1296.25 1290.66 +0.43
Jakarta 4470.19 4450.75 +0.44
Manila 6106.03 6042.25 +1.06
Ho Chi Minh 553.90 555.90 -0.36
Change on year
Market Current End 2013 Pct Move
TR SE Asia Index* 384.23 388.37 -1.07
Singapore 3029.10 3167.43 -4.37
Kuala Lumpur 1824.17 1866.96 -2.29
Bangkok 1296.25 1298.71 -0.19
Jakarta 4470.19 4274.18 +4.59
Manila 6106.03 5889.83 +3.67
Ho Chi Minh 553.90 504.63 +9.76
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Stock Market Volume (shares)
Market Current Volume Average Volume 30 days
Singapore 126,246,100 188,706,700
Kuala Lumpur 137,574,000 120,652,577
Bangkok 3,951,026 4,770,342
Jakarta 3,837,099,200 2,830,539,050
Manila 69,315 71,144
Ho Chi Minh 175,048 91,995- Reuters
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