SINGAPORE, Feb 17 — Most Southeast Asian stocks ended firmer today, led by Thailand and Indonesia on hopes foreign funds will return to emerging markets, while positive earnings also helped boost sentiment.
Thailand’s SET index jumped 1.6 per cent to its highest close since December 25, led by a 2.8 per cent gain in the country’s top oil company PTT Pcl.
Airports of Thailand, which posted a better-than-expected quarterly net profit also jumped 4 per cent, helping the overall Bangkok index.
Analysts said domestic political concerns could hinder the overall performance of the market and foreign buying as Thailand’s economy slowed significantly in the final quarter of 2013 when the unrest started, data showed today.
The state-planning agency cut its forecast for Thailand’s growth this year because of the political unrest that could prevent the formation of a fully functioning government for months.
Thai market saw a net outflow of US$12.33 million (RM40.5 million), extending its net outflow to US$897.9 million in the last 16 straight sessions.
Jakarta’s Composite Index gained 1.1 per cent to a more than 3-1/2-month high, helped by a net foreign inflow of US$5.72 million today. Foreigners have bought a net US$133.95 million worth risky assets in Jakarta.
The index has gained about 4.7 per cent in the last nine sessions with a recent set of positive economic data supportive to broader sentiment.
Singapore shares ended 1 per cent higher at more than three-week highs, led by banks after positive earnings from United Overseas Bank Ltd lifted its shares to their highest in 2-1/2 weeks today.
The Philippines main index gained 0.9 per cent to a three-week high with an inflow of US$4.53 million and Malaysian shares rose 0.5 per cent to a five-week closing high.
Bucking the trend, Vietnam ended 0.4 per cent weaker due to profit-taking in most blue chips, while investors bought small- and mid-cap shares. — Reuters
