BANGKOK: Stocks in Indonesia and the Philippines rallied to five-week closing highs while Thai shares staged a strong rebound to near a two-month peak as players covered short positions after the U.S. Federal Reserve unexpectedly held on to its stimulus programme.
Jakarta's Composite Index jumped 4.7 percent, its
best gain in almost two years, closing at 4,670.73 amid heavy
buying in large caps led by state-owned lender Bank Rakyat
Indonesia and car maker Astra International.
The benchmark surged more than 7 percent in the early hours,
which triggered a bout of quick profit taking, reflecting
lingering concerns over domestic issues.
"Inflation, current account deficit and rupiah volatility
will over cloud the domestic sentiment ... We maintain our
target index of 4,680," analyst Chandra Pasaribu at broker
Danareksa Sekuritas wrote in a strategy report.
The Philippine main index ended up 2.8 percent at
6,511.70, erasing some of its 4 percent gain from the morning as
investors cashed in on rallying large caps including Ayala Land
and SM Invesments Corp.
The Thai SET index closed up 3.5 percent, near a
psychological level of 1,500. Singapore gained almost 2
percent to its highest close in almost seven weeks and Malaysia
rose 1.2 percent to a five-week high at close.
Vietnam posted a modest 0.4 percent gain.
The Fed's decision to continue its bond-buying programme was
good news for the emerging markets, with a drop in U.S. bond
yields and the dollar inducing foreign fund inflows across
exchanges.
Stock exchange data showed foreign net buying of Phillippine
stocks worth $59 million on the day. Malaysia recorded $90
million and Thailand $174 million of net purchases by foreign
investors.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 426.82 408.83 +4.40
Singapore 3251.78 3193.85 +1.81
Kuala Lumpur 1792.91 1771.40 +1.21
Bangkok 1489.06 1439.13 +3.47
Jakarta 4670.73 4463.25 +4.65
Manila 6511.70 6333.96 +2.81
Ho Chi Minh 476.09 474.26 +0.39
Change on year
Market Current End prev yr Pct Move
TR SE Asia Index* 426.82 424.10 +0.64
Singapore 3251.78 3167.08 +2.67
Kuala Lumpur 1792.91 1688.95 +6.16
Bangkok 1489.06 1391.93 +6.98
Jakarta 4670.73 4316.69 +8.20
Manila 6511.70 5812.73 +12.02
Ho Chi Minh 476.09 413.73 +15.07
* 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 338,611,800 272,313,503
Kuala Lumpur 225,940,200 159,414,037
Bangkok 14,010,700 8,620,502
Jakarta 8,323,665,500 4,210,082,967
Manila 277,190 84,473
Ho Chi Minh 35,572 43,922- Reuters
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