SE Asia Stocks-Mostly recover as Dubai debt concerns recede
* Rebound as Dubai damage seen limited
* Indonesia pulls back from a more-than-3-week low
* DBS drags S'pore down, Thailand bounces back
By Ploy Ten Kate
BANGKOK, Nov 30 (Reuters) - Most Southeast Asian stock markets rose on Monday, with gains led by top financial counters after the United Arab Emirates' pledge of support for its banks, lifting Thailand's Bangkok Bank and Indonesia's Bank Mandiri from multi-week lows.
Regional stocks and currencies rose as the panic surrounding the Dubai debt problems subsided and investors realised local exposure to Dubai was limited, analysts said. Some felt the reaction to the whole saga had probably been overdone.
"Last week's sell-off has pretty much factored in this Dubai crisis," said Kavee Chukijkasem, an analyst at Kasikorn Securities in Bangkok. "We don't think there will be a greater domino effect that spreads to the rest of the world."
The United Arab Emirates offered banks emergency support, helping ease fears that a looming debt default by two of Dubai's flagship firms could derail the global economic recovery. [ID:nGEE5ASQAH]
The MSCI Asia Pacific Index outside Japan .MIAPJ0000PUS rose 2.6 percent as of 1008 GMT, while the Thomson Reuters index of regional shares .TRXFLDAXPU was 2.4 percent higher.
Thailand's benchmark stock index .SETI rose 1.3 percent, bouncing back from Friday's 0.8 percent loss after the Bank of Thailand said there would be no impact in Thailand from Dubai's debt worries due to low Thai exposure. [ID:nBKT003143]
Banking shares, which bore the brunt of Friday's selling on concerns about banks' exposure to Dubai World and property group Nakheel, were top performers.
Bangkok Bank BBL.BK, the biggest bank by assets, gained 1.4 percent, with number three Siam Commercial Bank KTB.BK climbing 8 percent, lifting the sector subindex .SETB 3.6 percent.
Shares in financial holding company Thanachart Capital TCAP.BK leapt 3.8 percent, touching their highest since 1999, due to optimism over its possible bid for a stake in Siam City Bank SC.BK being sold by a central bank unit.
Indonesia, which fell as much as 3.8 percent last week, rallied 0.9 percent, led by a 1.7 percent gain in Bank Mandiri (BMRI.JK), the largest lender. Bank Negara Indonesia (BBNI.JK), rose 4.4 percent.
The rally in Jakarta was buoyed by a central bank deputy governor's comment that the country was not expected to feel any fall-out from Dubai's debt problems. [ID:nJKB003299]
But shares in property firm PT Bakrieland Development (ELTY.JK) plunged 16 percent amid concern over its exposure to Dubai World. [ID:nJAK363976]
In Singapore, the index .FTSTI shed 1.1 percent to its lowest in more than two weeks, dragged down by a loss of nearly 3 percent in DBS Group (DBSM.SI), which has some exposure to the Middle East, while City Developments (CTDM.SI), which has a joint venture with Dubai World in Singapore, dropped 1.4 percent.
Elsewhere in the region, Malaysia .KLSE fell 0.9 percent after trade resumed on Monday following a holiday last Friday. Markets in the Philippines .PSI were shut for a holiday.
Vietnam closed up 2.8 percent, rallying from its lowest since July 31, 2009 last Friday, with Bao Minh Insurance Co BMI.HM and Ho Chi Minh Securities Co HCM.HM both up 5 percent. (Editing by Alan Raybould) ((ploy.tenkate@thomsonreuters.com; +662 648 9735; Reuters Messaging: ploy.tenkate.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) FACTORS TO WATCH: Singapore's OCBC says has no exposure to Dubai World [nSGC003386] Weak debut seen for Sands on high valuations [nSP360554] Airports of Thailand has Q4 loss, hit by forex [nBAK002946] UPDATE 1-Thai Oct manufacturing up 0.4 pct on year [nBKK406141] Thai king to make rare appearance on birthday [nBKK390332] Manila c.bank repeats to stick to easy policy [nMAN388973] Thai Central Plaza Hotel bullish on 2010 profit [nBKK396718] Malaysian regulator updates Islamic stocks list [nKLR230126] For South East Asia Hot Stock reports, click; [.SI] [.KL] [.BK] SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Prev Close Pct Move Singapore 2732.12 2762.22 -1.09 Kuala Lumpur 1259.11 1270.61 -0.91 Bangkok 689.07 680.37 +1.28 Jakarta 2415.84 2393.52 +0.93 Manila 3044.97 3044.97 (closed) Ho Chi Minh 504.12 490.62 +2.75 Change on year Market Current End prev yr Pct Move Singapore 2732.12 1761.56 +55.09 Kuala Lumpur 1259.11 876.75 +43.61 Bangkok 689.07 449.96 +53.14 Jakarta 2415.84 1355.40 +78.24 Manila 3044.97 1872.85 +62.58 Ho Chi Minh 504.12 315.62 +59.72 Stock Market Volume (shares) Market Current Volume Average Volume 90 days Singapore 496,851,500 362,095,226 Bangkok 2,276,585 4,622,126 Kuala Lumpur 196,096,000 102,604,453 Jakarta 4,458,340,500 5,469,816,106 Ho Chi Minh 38,531 64,416 ASIA-PACIFIC STOCK MARKETS: Pan-Asia........[STXNEWS/AS] Japan.......[.T] S.Korea...[.KS] S.E. Asia.......[.SO] Hong Kong...[.HK] Taiwan....[.TW] Australia/NZ....[.AX] India.......[.BO] China.....[.SS]
OTHER MARKETS: Wall Street....[.N] Gold .......[GOL/] Currency..[FRX/] Eurostocks.....[.EU] Oil ........[O/R] JP bonds...[JP/] ADR Report .....[ADR/] LME metals.[MET/L] US bonds.. [US/] Stocks News US..[STXNEWS/US] Stocks News Europe [STXNEWS/EU]
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