SE Asia Stocks-Mixed; Singapore outperforms

Thu Apr 24, 2014 2:27am EDT

HANOI, April 24 (Reuters) - Southeast Asian stocks were
mixed on Thursday, with Singapore's Straits Times Index 
rebounding 0.55 percent from a profit-taking session, led by
gains in SingTel, the city state's biggest listed firm by market
capitalisation.
    Singapore Telecommunications Ltd (SingTel) was the
top gainer with shares advancing as much as 1.62 percent to
their highest since Dec. 2, 2013 in early trade.
    "It has been quiet for a while, while the rest of index has
moved up, especially commodities, then property recently," said
broker Chew Kuan Yee with CIMB.
    SingTel has gained around 2.5 percent since the beginning of
this year against the Straits Times Index's 3.4 percent rise,
Reuters data showed.
    The index is likely to continue rising on inflows from
developed to emerging markets, where there were sell-outs during
the first few months of 2014, Kuan Yee added.
    Bangkok's SET Index was up 0.08 percent, hovering
around its critical resistance level, while analysts expect it
to face a correction soon.
    "There is no fundamental support for this rally... We see
visible signs of a slowdown even on companies that we have a
positive view on," Maybank Kim Eng said in a note to clients.
    Stocks in Indonesia edged up 0.11 percent, while the
Philippine index, Southeast Asia's best performer, lost
0.57 percent at 6,731.23.
    Malaysia and Vietnam dipped 0.07 percent
each.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0540 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.26        420.47       +0.19
 Singapore          3276.02       3258.01       +0.55
 Kuala Lumpur       1866.04       1867.35       -0.07
 Bangkok            1424.59       1423.39       +0.08
 Jakarta            4898.62       4893.15       +0.11
 Manila             6731.23       6769.52       -0.57
 Ho Chi Minh         568.98        569.36       -0.07
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)