* Singapore hits 2-month highs
* Manila back close to record high
By Viparat Jantraprap
BANGKOK, Jan 17 Southeast Asian stock
markets rose on Tuesday as above-forecast GDP growth in China
eased worries about the global economy, luring buyers to
regional big caps and resource shares.
Consumer goods and financial stocks also outperformed as
they are expected to benefit from resilient domestic demand in
Gains in major world stock markets spurred late buying, with
U.S. stock index futures pointing to a higher start on Tuesday
and European shares hitting a five-month high.
Singapore shares rose to two-month highs, finishing
up 2.2 percent. Thai stocks climbed 1.9 percent and the
Philippines rose 1.4 percent, pushing it close to last
week's record high.
Singapore-listed commodity trading firm Noble Group Ltd
surged 5.9 percent and Thailand's biggest energy firm,
PTT Pcl, rose 2.8 percent.
"It's pent-up demand for risk assets from funds that have
sold off shares due to the weak global outlook," said
Bangkok-based Viwat Techapoonphol, a strategist at broker Tisco
Securities, noting there was also short-covering.
Asian shares elsewhere gained, with the MSCI's broadest
index of Asia Pacific shares outside Japan
surging 2.7 percent by 0948 GMT.
China's gross domestic product grew at an annual rate of 8.9
percent in the fourth quarter, its weakest in 2-1/2 years and
down from 9.1 percent in the previous quarter, but it beat
expectations for an 8.7 percent rise.
"In our view, China has to get used to a reading below 9
percent. Recently published economic figures indicate that China
is not able to decouple from a cooling world economy," said
Joerg Zeuner, Chief Economist of VP Bank Group.
But he added: "Although growth rates could fall in the
direction of 8 percent, the risk of a considerable downturn is
CONSUMER, FINANCIAL SHARES
Inflows appeared to favour Southeast Asia's consumer and
financial stocks as the region's economy remained resilient and
companies that tap domestic consumption are well placed to
weather the euro zone's debt problems and a global economic
Jakarta-based broker Bahana Securities said investors should
prefer companies that rely on domestic economies.
"Indonesia is one of the most well-insulated, domestically
driven economies in the region, making it relatively immune from
external shocks ... At this stage of the cycle, we retain our
domestic plays as top picks," said head of research Harry Su.
Among actively traded shares, Indonesia's PT Astra
International Tbk rose 1.4 percent, Malaysia's Malayan
Banking Bhd climbed 1.2 percent and Philippine
Metropolitan Bank and Trust Co surged 3.7 percent.
Foreign money, seeking good returns from emerging markets,
sent Philippine shares to all-time highs last week, and its is
Asia's fourth-best performer this year after India
. Singapore is third best.
(Additional reporting by Andjarsari Paramaditha in Jakarta and
Singapore bureau; Editing by Alan
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
Singapore 2815.85 2756.49 +2.15
Kuala Lumpur 1519.36 1509.06 +0.68
Bangkok 1056.54 1037.01 +1.88
Jakarta 3954.76 3909.69 +1.15
Manila 4642.76 4578.92 +1.39
Ho Chi Minh 358.86 357.87 +0.28
Change on year
Market Current End prev yr Pct Move
Singapore 2815.85 2646.35 +6.41
Kuala Lumpur 1519.36 1530.73 -0.74
Bangkok 1056.54 1025.32 +3.04
Jakarta 3954.76 3821.99 +3.47
Manila 4642.76 4371.96 +6.19
Ho Chi Minh 358.86 351.55 +2.08
Stock Market Volume (shares)
Market Current Volume Average Volume 30 days
Singapore 465,879,700 210,192,580
Kuala Lumpur 120,103,400 84,661,950
Bangkok 2,676,575 3,320,379
Jakarta 4,810,498,000 3,283,946,583
Manila 96,550 144,448
Ho Chi Minh 23,729 43,025