By Christina Martin
Dec 29 Southeast Asian stock markets, except
Singapore and the Philippines, were up on Thursday after a
subdued start in early trade tracking losses on Wall Street
overnight that fell partly due to weak U.S. home resales data.
Contracts to buy previously-owned U.S. homes fell in
November to their lowest level in nearly a year, which was seen
by many as a sign that rising interest rates could be weighing
on the housing market.
Indonesian shares, which closed at their highest
since mid-December on Wednesday, rose as much as 1.2 percent to
hit a 2-week high, their third consecutive session of gains.
"Indonesia promises to provide significant yields next year
due to improvement of their fundamentals," said Manny Cruz, an
analyst with Manila-based Asiasec Equities Inc.
"Well, it's one of the most favoured markets next year
aside from India and Vietnam."
Consumer stocks and financials led the gainers, with Bank
Central Asia, the biggest bank by market value, up as
much as 2.2 percent and automotive business Astra International
as much as 2.9 percent higher.
Philippine shares, which rose nearly 3 percent in the
previous session, fell 0.6 percent on profit-booking as consumer
stocks and realtors, the drivers of Wednesday's gains, lost
"I think some investors have opted to cash in from the
recent gains," said Cruz.
Real estate developers SM Prime Holdings Inc fell
1.2 percent and Ayala Land Inc was 0.5 percent lower.
Conglomerate SM Investment Corp fell 2.5 percent.
Singapore slipped as much as 0.7 percent, its biggest
intraday percentage loss in a week, as financial and industrial
stocks pulled the index down.
Jardine Matheson Holdings and Singapore
Technologies Engineering Ltd, down about 1 percent
each, were among the biggest losers on the benchmark.
Thailand, Malaysia and Vietnam posted
In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan was last up 0.2 percent.
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SOUTHEAST ASIAN STOCK MARKETS as at 0443 GMT
Market Current Previous Pct Move
Singapore 2885.07 2898.3 -0.46
Bangkok 1528.19 1524.6 0.24
Manila 6815.66 6846.44 -0.45
Jakarta 5270.478 5209.445 1.17
Kuala Lumpur 1633.61 1630.3 0.20
Ho Chi Minh 665.14 663.5 0.25
Change on year
Market Current End 2015 Pct Move
Singapore 2885.07 2882.73 0.08
Bangkok 1528.19 1288.02 18.65
Manila 6815.66 6952.08 -1.96
Jakarta 5270.478 4593.008 14.75
Kuala Lumpur 1633.61 1692.51 -3.48
Ho Chi Minh 665.14 579.03 14.87
(Reporting by Christina Martin; Additional reporting by Susan
Mathew; Editing by Biju Dwarakanath)