BANGKOK, Sept 16 (Reuters) - Stocks in Indonesia, Thailand
and the Philippines outperformed in Southeast Asia on Monday as
investors bought back recently-battered large caps including
banking shares amid hopes of U.S. Federal Reserve monetary
stimulus and fading risks in Syria.
Jakarta's Composite Index jumped 3.4 percent while
Thai SET index climbed 3.1 percent, both marking the
best gain in around one week. The Philippine main index
rose 2.8 percent, the biggest one-day rise in two weeks.
Singapore was up 1.9 percent and Vietnam
posted limited loss, paring earlier gains. Malaysia was
shut for a market holiday, reopening on Tuesday.
Southeast Asia extended its last week's rally with global
sentiment lifted after Lawrence Summers quit the race to be
Federal Reserve chief, sparking hopes that the U.S. central bank
may keep monetary policy loose for longer.
Regional benchmarks further recovered from their lows hit in
late August in the face of concerns about the prospect of U.S.
Federal Reserve's monetary stimulus tapering.
Credit Suisse said it believed Thai, Indonesian and
Philippine stocks were bottoming on an export recovery, improved
current accounts, less onerous valuations and more stable oil
prices but cautioned that a V-shaped recovery appeared unlikely.
Of the three markets, it gave edge to Thailand over the
Philippines and Indonesia, analysts at Credit Suisse wrote in a
report dated Sept. 13.
"We expect Thailand's economy to deliver the best delta over
the coming months, and market valuations are the best of the
TIPs markets," they said.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 407.51 398.11 +2.36
Singapore 3179.48 3120.30 +1.90
Bangkok 1445.11 1401.08 +3.14
Jakarta 4522.24 4375.54 +3.35
Manila 6302.71 6133.24 +2.76
Ho Chi Minh 475.57 476.42 -0.18
Change on year
Market Current End prev yr Pct Move
TR SE Asia Index* 407.51 424.10 -3.91
Singapore 3179.48 3167.08 +0.39
Kuala Lumpur -- 1688.95 +4.85
Bangkok 1445.11 1391.93 +3.82
Jakarta 4522.24 4316.69 +4.76
Manila 6302.71 5812.73 +8.43
Ho Chi Minh 475.57 413.73 +14.95
* 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 320,816,300 272,313,503
Bangkok 10,021,178 8,458,968
Jakarta 5,450,444,500 3,947,690,883
Manila 125,465 80,966
Ho Chi Minh 38,474 43,043