December 28, 2016 / 5:43 AM / 9 months ago

SE Asia Stocks-Largely up; Indonesia gains 2 pct on bargain-hunting

By Susan Mathew
    Dec 28 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, in line with Asian peers, following an upbeat Wall
Street on strong U.S. housing and consumer data. 
    Data released on Tuesday showed American consumers'
confidence shot to the highest in more than 15 years in December
as they saw more strength ahead in business conditions, stock
prices and the job market, while house prices continued their
steady recovery in October. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 0.5 percent. 
    Among Southeast Asian stock markets, Indonesia rose
as much as 2.03 percent in its biggest percentage gain in six
weeks as investors hunted for bargains, with gains being led by
consumer and industrial stocks. 
    "We expect JCI (Jakarta Composite Index) to continue
strengthening today as stocks are becoming cheaper amidst
capital outflow from (U.S. President-elect Donald) Trump's
effect," Trimegah said in a note. 
    Clove cigarette maker Hanjaya Mandala Sampoerna Tbk PT
 rose 3.4 percent, while and construction company
Waskita Karya (Persero) Tbk PT climbed 3.8 percent.
    Philippine stocks rose nearly 2 percent, posting
their biggest intraday percentage gain in nearly three weeks. 
    Gains in consumer and financial stocks helped the index gain
with SM Investments Corp climbing as much as 3.7 percent
in its biggest percentage gain in over two months, and SM Prime
Holdings rising 1.4 percent.
    "Given the fact that Indonesia and Philippines and most of
the commodity-related economies were heavily hurt during the
recent selloff, I think it makes sense for investors to buy back
those shares given that the fruits are hanging low now," said
Taye Shim, research head at KDB Daewoo Indonesia.
    Foreign investors, who had been net sellers of Indonesian
stocks since the U.S. election, have become net buyers for the
past several sessions.
    Malaysian stocks posted their biggest intraday
percentage rise in two weeks, climbing as much as 0.5 percent,
while Singapore added 0.3 percent in its second straight
session of gains.
    Bucking the trend, Vietnam shares fell marginally.
    
For Asian Companies click;  
SOUTHEAST ASIAN STOCK MARKETS: Change at 0511 GMT    
  Market            Current    Previous Close  Pct Move
  Singapore         2896.05    2885.76         0.36
  Bangkok           1520.82    1517.08         0.25
  Manila            6788.77    6658.2          1.96
  Jakarta           5199.339   5102.954        1.89
  Kuala Lumpur      1627.11    1619.68         0.46
 Ho Chi Minh        662.55     663.86          -0.20
                                               
  Change this year                             
  Market            Current    End 2015        Pct Move
  Singapore         2896.05    2882.73         0.46
  Bangkok           1520.82    1288.02         18.07
  Manila            6788.77    6952.08         -2.35
  Jakarta           5199.339   4593.008        13.20
  Kuala Lumpur      1627.11    1692.51         -3.86
 Ho Chi Minh        662.55     579.03          14.42
 
 (Reporting by Susan Mathew in Bengaluru; Additional reporting
by Fransiska Nangoy and Ambar Warrick; Editing by Subhranshu
Sahu)

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