JAKARTA, Dec 10 — Southeast Asian stock markets mostly rose today, with Malaysia leading the gains as it rebounded from a 15 month-low.
The Malaysian stock index rose 0.9 per cent, its biggest gain in more than two weeks, after the previous session's lowest close since September 2013 on concerns over declining crude oil prices.
“Investors have started to accumulate selective stocks in Malaysia. The decline earlier this week has brought prices fairly low,” said Reza Priyambada, head of research at Woori Korindo Securities in Jakarta.
Latex products manufacturer Hartalega Holdings Bhd rose 1.5 per cent after Maybank IB Research upgraded the stock to “buy” and raised its target price, citing its earnings profile and saying it was benefiting from a stronger US dollar against the ringgit.
Indonesia's Jakarta Composite Index rebounded from a two-week low, gaining 0.3 per cent for the day.
Shares in PT Bank Rakyat Indonesia, the country's second largest lender by assets, rose 1.8 per cent today after Indonesian brokerage Danareksa reiterated its “buy” rating on the stock, citing a “well-managed deposits structure and resilient margins.”
The Singapore index rose 0.3 per cent, while Philippine stocks fell 0.4 per cent.
The Thai stock market was closed today for a public holiday and will reopen tomorrow. — Reuters
