SE Asia Stocks S'pore hits 5-yr closing high; Thailand up despite baht concerns

Business & Markets 2013
Written by Reuters
Friday, 26 April 2013 19:52
A + / A - / Reset

BANGKOK, April 26 (Reuters) - Most Southeast Asian stocks
gained on Friday amid steady gains by blue chips in a reporting
season, while Thailand outperformed the region on the week as
index heavyweight energy shares tracked a rebound in global oil
prices.
Singapore's Straits Times index ended up 0.3
percent at a five-year closing high of 3,348.87, taking its
gains for the week to 1.74 percent, the biggest in three months.
Large caps such as Singapore's property developer CapitaLand
Ltd rose 2 percent ahead of its results later in the
day, while Indonesia's PT Bank Rakyat Indonesia gained
1.7 percent after it announced higher quarterly
profits.
In Bangkok, gains by energy stocks such as PTT Global
Chemical Pcl helped send the broader SET index
0.6 percent higher on the day and 2.4 percent on the
week, making it Southeast Asia's best performer.
The Thai exchange saw trading volume fell by almost half of
the monthly average as investors were cautious about possible
moves by authorities to deal with the strengthening baht.
"Investors cut risk exposures because it's still not clear
how authorities will deal with strong baht. But some good
factors such as earnings and a rebound in commodities prices
largely helped today," said Parin Kitchatornpitak, a senior
analyst at broker KTB Securities.
The main index is expected to extend gain next week to 1,600
level, he said.
Malaysia's main index was up 0.29 percent at
1,711.29, topping its last week's record close of 1,710.97,
ahead of the country's general elections scheduled for May 5.