SE Asia Stocks Most SE Asian stocks recover; set to end month with gains
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SE Asia Stocks Most SE Asian stocks recover; set to end month with gains
- SE Asia Stocks
[size=28]Most SE Asian stocks recover; set to end month with gains
By Reuters / Reuters | October 30, 2015 : 2:18 PM MYTBANGKOK (Oct 30): Most Southeast Asian stock markets rebounded on Friday and looked set to end the month on a positive note, but light volumes suggested investors remained wary about global central bank policies.
Asian shares edged up, on track for a monthly rise but headed for weekly losses as investors fretted over the possibility that US interest rates could still rise this year and after the Bank of Japan held policy steady.
In Bangkok, a better-than-expected September factory output lifted sentiment, brokers said, helping the key index recover from early weakness and bounce off a more-than-three-week closing low hit on Thursday.
The SET index is up 0.4%, with trading volume down at 30% of a full-day average over the past 30 days. Tisco Securities expects domestic-led buying to take the index to the 1,405 level later in the day.
"The market could expect more outflows due to the Fed rate outlook. But domestic investors are buying shares because the selloffs over past days were a bit overdone and MPI data was not as weak," said Tisco's senior strategist Viwat Techapoonphol.
The SET index is on track for a monthly gain of 3.5%, its first increase in four months.
Singapore's Straits Times Index was on track to end October with a gain of more than 7% after five successive months of declines. Vietnam is heading for a monthly gain of almost 8% after two months of losses.
The Philippines, Malaysia and Indonesia all are on track for a monthly rise despite selloffs hitting shares early in the week.
Jakarta-based Harry Su, Head of Research at broker Bahana Securities, said a bout of profi-taking hit Indonesian shares.
"It is just concerns on emerging markets due to the Fed's recent hawkish statement and Indonesia suffered the most as the market has been the best performing recently, making it prone to profit-taking," he said.
Top gainers on MSCI index of Southeast Asia included Indonesia's Surya Citra Media which rose 4.8%. Philippine SM Prime Holdings advanced 2.5% and Thai Union Group climbed 2.3%.
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