SE Asian Stocks-Planters lift KL, Jakarta; others fall

By Yvonne Cheong

SINGAPORE, April 10 (Reuters) - Stock markets in Indonesia
and Malaysia ended higher on Thursday as healthy palm oil
prices drove up plantation stocks such as IOI Corp (IOIB.KL),
but other Southeast Asian markets eased on worries about the
global economic outlook.

Malaysia's benchmark index .KLSE rose for a third
straight day to close 1.7 percent higher, while Indonesia
.JKSE gained 2.6 percent, rallying from a 7-½ month low as
planters and banking stocks rose.

But Vietnamese shares .VNI fell for the first time in
over two weeks, ending down 1.1 percent after two top banks
said they expect profit growth to slow sharply. [ID:nHAN84597 ]

Singapore's main index .FTSTI declined 0.8 percent as a
cancelled contract hit rig builders including conglomerate
Keppel Corp (KPLM.SI).

That countered data showing the Singapore economy grew at a
faster-than-expected annual rate of 7.2 percent in the first
quarter.

"While the GDP numbers are positive, people are more
concerned about what happens in the upcoming quarters," said
Vasu Menon, Chief Editor at finatiQ.com, an online bank owned
by OCBC.

Investors were weighing the uncertain global economic
outlook, which would impact company earnings, he added.

Chinese shipyard and rig builder COSCO Corp (COSC.SI)
tumbled 15.2 percent on news that a $202 million rig project
had been cancelled. [ID:nSIN103935]

Its drop weighed on world's number 2 rig offshore
rig-builder Keppel Corp (KPLM.SI), which lost 1.9 percent.

The Philippine index .PSI dipped 0.2 percent, while Thai
stocks .SETI were down 0.6 percent at 0955GMT.
Planters in the region rose on the back of higher palm oil
futures, which rose 3.9 percent on Thursday and are up 13
percent so far this year. [POI/]

Indonesia's largest listed plantation firm, PT Astra Agro
Lestari Tbk (AALI.JK) gained 7.8 percent, while its parent and
automotive distributor PT Astra International Tbk (ASII.JK)
added 7.1 percent.

Malaysian planters such as IOI Corp surged 7.3 percent,
Sime Darby (SIME.KL) advanced 2.9 percent, while KL Kepong
(KLKK.KL) closed 2.5 percent higher.

In Ho Chi Minh, stocks ended an 11-day rally with companies
such as Petrovietnam Transportation PVT.HM and Tan Tao
Investment Industrial Corp ITA.HM falling 2 percent -- the
trading band limit.

"Foreign investors were still net buyers with buy order
volume 15 times larger than selling orders," said Vo Quoc
Khanh, Head of Research Department at FPT Securities.
(Additional reporting by Tan Wei Xin, Editing by Lincoln
Feast)