SE Asia Stocks -Most recover; Malaysia rises from 4-1/2-month low

Mon Aug 11, 2014 2:25am EDT

Aug 11 (Reuters) - Most Southeast Asian stock markets
rebounded on Monday, with Malaysia rising from a 4-1/2-month
closing low as easing Ukraine tensions and a rally on Wall
Street helped boost investor appetite for risky assets.
    Malaysia's main stock index was up 0.4 percent at
0549 GMT, recovering from its lowest close since March 26, led
by energy shares, while Singapore rose from a one-month
low, Thomson Reuters data showed.
    "It's a technical rebound," Singapore-based CIMB economist
Song Seng Wun said.
    "There's no sign global economic recovery is in danger or of
disappointing quarterly earnings. The worries over geopolitical
tensions in Ukraine and the Middle East have eased. We would see
the rebound unless the tension threatens the markets again."
    The Jakarta Composite Index gained 0.8 percent from
a near one-month closing low and the Philippines index 
rose 1 percent, recovering from its lowest since July 31.
    The market is likely to move mixed this week ahead of
current account data scheduled for release on Friday, which is
expected to worsen from a first-quarter deficit of 2.1 percent
to a 4 percent deficit in the second quarter, Jakarta-based
Trimegah Securities said in a note to investors.
    Talks of fuel price increase or limitation of fuel subsidy
are also a negative sentiment on the market, Trimegah added.
    Shares of Malaysia Airline System (MAS) rose as
much as 10.4 percent in early trade from a near two-month low
after state fund Khazanah Nasional said it will offer
27 sen for each share in the company it does not own, amounting
to nearly 1.4 billion ringgit ($435 million) to take the
troubled airline private. 
    In Singapore, shares of upstream oil and gas firm KrisEnergy
Ltd gained more than 2.7 percent after the company
said on Monday it had agreed a $65 million deal to buy out
Chevron Corp's interest in an offshore oil block in
Cambodia and take over as the block's operator. 
    Ayala Land Inc one of the Philippines' top property
companies, gained 1 percent after it posted a 25 percent rise in
first-half net income year-on-year.
    Bucking the trend, Vietnam index was down 0.5 percent
down by midday as sentiment was cautious after recent net
selling sessions by foreigners.
    The Thailand market was closed for a holiday.  
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0549 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   438.10        434.63       +0.80
 Singapore          3311.53       3288.89       +0.69
 Kuala Lumpur       1846.30       1839.87       +0.35
 Jakarta            5092.31       5053.76       +0.76
 Manila             6949.03       6880.34       +1.00
 Ho Chi Minh         602.32        605.43       -0.51
 * 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 Shihar Aneez in New Delhi; Editing by Anupama
Dwivedi)
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