SE Asia Stocks-Most climb higher as foreign money returns

BANGKOK (Jan 4): Most Southeast Asian stock markets pushed higher on
Wednesday as renewed appetite for risk and strength in oil prices
attracted funds to commodities and energy shares.


Better-than-expected economic data from major countries including the
United States and China helped the outlook for the global economy,
luring short-term traders.

Leading gainers, the main Philippine
stock index climbed 1.5 percent to five-month highs. But Manila, which
has extended its trading hours to a close of 0730 GMT, saw its turnover
fall to 0.3 times its 30-day average, in line with thin trade in the
region as a whole.

Jakarta's Composite Index gained 1.3 percent
to the highest in more than three months and Singapore's Straits Times
Index edged up 0.8 percent, earlier hitting a three-week high.


Thailand's SET index ended up 1.1 percent, erasing some of its early
gains in late selling. The market hit a one-week high in early trade,
boosted by gains in energy shares.

"It's the first day back.
There was a strong rally yesterday that we missed, so it's a little bit
of a catch-up there. I think a lot still depends on external factors,"
said Andrew Yates, head of international equity sales at broker Asia
Plus Securities in Bangkok.

The Thai market reopened on
Wednesday after the New Year hoidays. Foreign investors bought shares
worth 1.4 billion baht ($44.37 million), the bourse said.

Stocks
in Malaysia ended down 0.6 percent after a rise of almost 1 percent at
one stage.The Malaysian bourse said domestic institutions and retail
investors sold a combined 129 million ringgit ($41 million), offsetting
the buying of foreign investors.

Funds that sold up last year
have taken a medium-term view that markets should be better this year,
traders in the region said. Investors also selectively bought stocks
that were expected to publish strong earnings.

Among gainers,
Singapore's Keppel Corp Ltd, the world's largest rig builder, rose
nearly 1 percent because of the positive outlook for global offshore and
marine spending.

In the energy sector, Thai explorer PTT
Exploration and Production Pcl surged 4.2 percent and Indonesian coal
miner PT Bumi Resources Tbk climbed 2.2 percent.

Asian stocks in
general rose on Wednesday, with MSCI's broadest index of Asia Pacific
shares outside Japan rising 1.4 percent at 1016 GMT.

Bucking the
trend, Vietnam's Ho Chi Minh Stock Exchange Index edged down 0.3
percent as investors cashed in gains in blue chips such as Vietcombank,
which fell 2.4 percent. - Reuters