BANGKOK, Sept 16 (Reuters) - Most Southeast Asian stocks
climbed to a one-month high on Monday, tracking a rally in Asian
stocks, as hopes about the U.S. Federal Reserves monetary
stimulus boosted buying interest in large caps with low
valuations such as banks.
Thai SET index topped among outperformers, gaining
almost 3 percent at one point to 1,441.89, the highest since
Aug. 16. Investors bought back recently-battered shares such as
Kasikornbank and Siam Commercial Bank.
The benchmark broke above a key resistance at the 1,430
level expected earlier by local brokers.
"We saw good inflows continued from last week and boosted
banking shares this morning and should set the index rise to a
next resistance at 1,450," said Phillip Securities strategist
Market focus was also on the two-trillion-baht borrowing
bill for infrastructure development tabled for parliamentary
debate in the second and third readings before the end of this
week, Charnyingyong said.
Shares in builder CH Karnchang rose 4.5 percent.
Jakarta's Composite Index rose 1.7 percent by
midday, extending last week's 7.4 percent gain.
Bank Indonesia's unexpected announcement of a 25 basis
points rate hike late last week further lifted shares in banks
and underpinned sentiment in the Indonesian rupiah
"The foreign exchange rate appears to have a ricochet effect
on the stock market, as investors continue to buy Indonesian
stocks, speeding up index recovery," strategists at broker
Bahana Securities in Jakarta wrote in a report.
Philippine main index was up 2.7 percent, Singapore's
Straits Times Index rose 1.7 percent and Vietnam
pared its earlier gain.
Malaysia was shut for a holiday, reopening on Tuesday. It
posted a 2.7 percent rise last week along with others in
Southeast Asian peers as investors awaited cues from a U.S.
Federal Reserve meeting on Tuesday and Wednesday.
Shares rallied in Asia on Monday after news Lawrence Summers
had dropped from the race to head the Federal Reserve promised
to prolong the lifetime of super-easy money.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0555 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 405.97 398.11 +1.97
Singapore 3172.16 3120.30 +1.66
Bangkok 1438.36 1401.08 +2.66
Jakarta 4448.48 4375.54 +1.67
Manila 6298.72 6133.24 +2.70
Ho Chi Minh 476.07 476.42 -0.07