BANGKOK, Feb 11 Southeast Asian stocks rose on
Tuesday tracking gains in broader Asia ahead of the
Congressional testimony by the new head of the U.S. Federal
Reserve, with selective buying lifting Thai shares amid
continuing domestic political concerns.
The Thai benchmark SET index was up 0.5 percent at
1,297.01 at midday. Shares of Ratchaburi Electricity Generating
Holding and PTT Global Chemical were among
the top percentage gainers due to decent earnings outlook.
Listed firms in Thailand are due to report October-December
earnings this month.
Sentiment in Bangkok remained weak as there is still no end
in sight to the current political deadlock, including farmer
protests which added to the protracted risks.
Resistance for the main index was capped at 1,300, Maybank
Kim Eng Securities said in a report.
"A volatile market offers investors a 'swing trade'
opportunity. Investors should focus on stocks forecast to post
impressive fourth-quarter earnings, but with a limited amount of
cash as valuations above 1,300 are considered high," it said.
Large-caps gained across exchanges after upbeat earnings,
with shares of Singapore Airlines Ltd and Indonesia's
Bank Mandiri among the outperformers
Singapore's Straits Times Index was up 0.6 percent,
building on rises over the past three sessions, while Jakarta's
Composite Index was up 0.3 percent, recovering from a
fall in the previous session.
The Philippine index climbed 0.9 percent, hovering
around two-week highs, after the statistics office released
strong data on December exports.Stocks in Malaysia edged up 0.3 percent to their
highest in more than three weeks while Vietnam was 0.9
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.7 percent.
Janet Yellen's first test as the head of the Federal Reserve
comes on Tuesday when she faces U.S. lawmakers, some hostile to
the central bank, who will want to know how committed she is to
winding down the Fed's support for the economy.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0609 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 383.45 381.49 +0.51
Singapore 3034.41 3017.20 +0.57
Kuala Lumpur 1821.11 1816.14 +0.27
Bangkok 1297.01 1290.66 +0.49
Jakarta 4464.58 4450.75 +0.31
Manila 6110.33 6042.25 +0.91
Ho Chi Minh 561.01 555.90 +0.92