SE Asia Stocks mostly higher, Thailand leads regional gains
Monday, 7 December 2009
BANGKOK, Dec 6 (Reuters): Southeast Asian stock markets mostly rose Thursday, with Singapore hitting a 16-month high and Thai stocks rallying after a slump the previous day caused by a court ruling that hurt heavyweight PTT and others.
Singapore's benchmark stock index ended up 0.42 per cent at its highest since August 2008, while Malaysia's main index closed up 0.09 per cent, having hit a one-week high during the day.
Thailand's main index rose 1.92 per cent, a day after falling 2.32 per cent following a court ruling that suspended many operations at the country's biggest industrial estate because of environmental concerns.
"We remain fairly confident that a compromise will be worked out and that these projects can eventually be implemented after satisfying environmental and health concerns," Kim Eng Securities said in research note.
Thailand's top oil and gas firm, PTT, rose 0.89 per cent, recovering a little of its 5.1 per cent drop a day earlier after the company said seven of its group's projects could go ahead.
However, top industrial conglomerate Siam Cement fell as much as 2.2 per cent after saying 18 of its 20 projects at the Map Ta Phut industrial estate would be suspended after the court ruling.
Indonesia's main stock index rose 1.15 per cent to a six-week high, helped by gains in mobile phone firm PT Bakrie Telecom, which rose as much as 8.4 per cent on acquisition talk.
The Philippines' stock index fell 0.93 per cent after rising to its highest in nearly two years Wednesday, while Vietnam closed down 0.87 per cent.
"Sentiment in the region is pretty quiet as investors are looking for a fresh catalyst for the next movement. They are also cautious ahead of US non-farm payrolls due Friday," said Pichai Lertsupongkij, head of sales at Thanachart Securities in Bangkok.
In Singapore, Neptune Orient Lines, the world's fifth-largest container shipper, rose 2.61 per cent, helped by gains in the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities.
Falls in Manila were led by a 9.0 per cent slide in Philex Mining Corp.
Hong Kong's First Pacific Co Ltd said it had raised its stake in the top Philippine miner in a $202 million deal. Philex stock has been volatile and heavily traded in recent weeks on speculation over a possible shareholder shake-up.
A rise in Malaysia's second-largest lender, CIMB Group , helped limit falls in the Kuala Lumpur market. The stock rose 0.93 per cent after Moody's Investors Service said it had changed the outlook on CIMB Bank's Financial Strength Rating to positive from stable. Indonesia c.bank forecasts steady rates in 2010 Top Thai firms' profits at risk after court ruling SGX to launch gold, fuel oil, coffee contracts in Palm oil output growth in 2010 seen slower on weat Plam oil to gain as demand chases tight supply-Mie FirstPac ups stake in Manila's Philex for $202 mln Vietnam c.bank ready to intervene heavily on dong.
Singapore's benchmark stock index ended up 0.42 per cent at its highest since August 2008, while Malaysia's main index closed up 0.09 per cent, having hit a one-week high during the day.
Thailand's main index rose 1.92 per cent, a day after falling 2.32 per cent following a court ruling that suspended many operations at the country's biggest industrial estate because of environmental concerns.
"We remain fairly confident that a compromise will be worked out and that these projects can eventually be implemented after satisfying environmental and health concerns," Kim Eng Securities said in research note.
Thailand's top oil and gas firm, PTT, rose 0.89 per cent, recovering a little of its 5.1 per cent drop a day earlier after the company said seven of its group's projects could go ahead.
However, top industrial conglomerate Siam Cement fell as much as 2.2 per cent after saying 18 of its 20 projects at the Map Ta Phut industrial estate would be suspended after the court ruling.
Indonesia's main stock index rose 1.15 per cent to a six-week high, helped by gains in mobile phone firm PT Bakrie Telecom, which rose as much as 8.4 per cent on acquisition talk.
The Philippines' stock index fell 0.93 per cent after rising to its highest in nearly two years Wednesday, while Vietnam closed down 0.87 per cent.
"Sentiment in the region is pretty quiet as investors are looking for a fresh catalyst for the next movement. They are also cautious ahead of US non-farm payrolls due Friday," said Pichai Lertsupongkij, head of sales at Thanachart Securities in Bangkok.
In Singapore, Neptune Orient Lines, the world's fifth-largest container shipper, rose 2.61 per cent, helped by gains in the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities.
Falls in Manila were led by a 9.0 per cent slide in Philex Mining Corp.
Hong Kong's First Pacific Co Ltd said it had raised its stake in the top Philippine miner in a $202 million deal. Philex stock has been volatile and heavily traded in recent weeks on speculation over a possible shareholder shake-up.
A rise in Malaysia's second-largest lender, CIMB Group , helped limit falls in the Kuala Lumpur market. The stock rose 0.93 per cent after Moody's Investors Service said it had changed the outlook on CIMB Bank's Financial Strength Rating to positive from stable. Indonesia c.bank forecasts steady rates in 2010 Top Thai firms' profits at risk after court ruling SGX to launch gold, fuel oil, coffee contracts in Palm oil output growth in 2010 seen slower on weat Plam oil to gain as demand chases tight supply-Mie FirstPac ups stake in Manila's Philex for $202 mln Vietnam c.bank ready to intervene heavily on dong.