SE Asia Stocks-Post strong weekly gains; Indonesia, Malaysia see inflows

SE Asia Stocks-Post strong weekly gains; Indonesia, Malaysia see inflows
Business & Markets 2013
Written by Reuters
Friday, 28 June 2013 21:26

(June 28): Most Southeast Asian stocks rose for a third session on Friday to end the week strongly, with Indonesia and Malaysia seeing net foreign inflows on improved sentiment after U.S. central bankers moved to ease fears of an early withdrawal of monetary stimulus.

Indonesia saw $98.87 million in net foreign inflows on Friday, its highest since May 2, while in Malaysia net foreign buying was $120.18 million.

The region's markets posted strong gains during the week with Thailand, Singapore and Indonesia posting their first
weekly gains in the last six, Thomson Reuters data showed.

Indonesia's main index jumped 8.8 percent on the week, with a 9.1 percent gain in the last three sessions, while the Philippines' main index added 8.3 percent on the week, with an 11.7 jump in the last three.

On Friday, the Philippines rose 2.2 percent to its highest close since June 19, Indonesia gained 3.1 percent to its peak close since June 18, and Malaysia's main index added 1.3 percent to close at a more than one-week high.

The Thai SET index gained for a fourth session, rising 0.4 percent to its highest close since June 17.

Singapore's Straits Times Index rose 1 percent, its fourth straight session of gains, led by real estate sector shares.

Vietnam's benchmark VN index, however, bucked the trend, edging down 0.4 percent as investors took profits.