* Indonesia leads regional gains, jumping 4.3 percent
* Banks, energy-related shares push major markets higher
By Viparat Jantraprap
BANGKOK, June 24 (Reuters) - Major Southeast Asian stock
markets rose on Wednesday, ending two days of falls, with
financials and energy heavyweights leading the way ahead of
news from a U.S. Federal Reserve policy meeting.
Analysts attributed the market surge to bargain-hunting but
said that concern over the outlook for the global economic
recovery would continue to keep markets in check.
Jan de Bruijn, Asia Equity Fund Manager for Threadneedle UK
was cautious about the outlook for the region after a strong
gain in May in the MSCI Asia Pacific ex-Japan Index.
"It is to be expected that Asian markets will tread water
and take a breather for a while," de Bruijn said.
"Markets have gone from being cheap at the start of the
year to being close to fair value, but we have an element of
comfort knowing that they are not too expensive yet."
The MSCI index of Asia-Pacific stocks outside Japan
.MIAPJ0000PUS was up 2 percent by 1017 GMT.
Singapore's index .FTSTI climbed 2.4 percent, erasing a
2.1 percent loss over the previous two days, with outperformers
including United Overseas Bank (UOBH.SI), which surged 3.3
percent, and Singapore Airlines (SIAL.SI), which jumped 4.1
percent.
Commodity firm Olam (OLAM.SI) rose 6 percent after it said
the planned purchase of a U.S. tomato firm would bolster its
presence in the agriculture sector and as commodity futures
rose.
Malaysia's index .KLSE gained 1.3 percent, recouping most
of a two-day fall of 1.42 percent, with palm planter IOI Corp
(IOIB.KL) up 2.2 percent and Malayan Banking (MBBM.KL) up 2.7
percent.
The Thai index .SETI rose 2 percent after falling 3.28
percent over the previous two days, with banks faring better
than the broader market. Siam Commercial Bank SCB.BK was up
5.6 percent and Kasikornbank KBAN.BK gained 3.6 percent.
The Jakarta index .JKSE jumped 4.3 percent after a
combined fall of around 4 percent over two days, boosted by
gains in energy-related and banking stocks.
Gas distribution firm Perusahaan Gas Negara (PGAS.JK) was
up 7.8 percent and Bank Rakyat Indonesia (BBRI.JK),
Indonesia's third-largest lender, was 7 percent higher.
Vietnam .VNI ended a three-day fall, rising 4.03 percent,
led by PVFC PVF.HM, the financial arm of state oil group
Petrovietnam, and Sacombank STB.HM, which each rose 4.8
percent.
Manila .PSI rose 1.9 percent, reversing a 1.7 percent
loss on Tuesday, with Manila Electric Co (MER.PS) adding 10.5
percent and Energy Development (EDC.PS) climbing 4.1 percent.
($1=34.10 Baht)
(Additional reporting by Kevin Lim in Singapore; Editing by
Alan Raybould)
