SE Asia Stocks Up; Malaysia strong in week after election

by **Cals** Sat 11 May 2013, 01:49

SE Asia Stocks Up; Malaysia strong in week after election
Business & Markets 2013
Written by Reuters
Friday, 10 May 2013 18:57

BANGKOK (May 10): Major Southeast Asian stocks edged up on Friday, with Malaysian index notching up its best week since July 2009 following the weekend general election and Indonesian benchmark index closing the week at an all-time high amid selective buying.

Gains in banks such as MALAYAN BANKING BHD [] and AMMB HOLDINGS BHD [] helped Kuala Lumpur's Composite Index reverse recent losses and end up 0.36 percent for the day. It gained 4.6 percent in the week, the region's best performer.

The general election that eased political concerns pushed the Malaysian index to a record close of 1,776.73 on Tuesday but it fell back mildly in two successive sessions after some political trouble.

Jakarta's Composite Index gained 0.33 percent to 5,105.94, topping Wednesday's record close, with a weekly gain of 3.7 percent, the second best.

Citi Research maintained its JCI target of 5,300 and was positive on property, cement, consumer and media sectors, it said in a report dated May 9. Among its top picks, shares in Semen Indonesia rose 2.2 percent on Friday.

"Our index target remains 5,300, based on a bottom-up approach, with a future fuel price hike (currently postponed) a medium- to longer-term catalyst given its likely positive impact on the current-account deficit and government infra spending," it said.

Across the region, investors picked large caps such as Philippine Ayala Land Inc and Singapore bank DBS Group Holdings Ltd in an ongoing reporting season, with most sharemarkets marking a strong gain for the week