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SE Asia Stocks-Up on Chinese GDP growth; S'pore leads
January 17, 2012 / 10:31 AM / 6 years ago

SE Asia Stocks-Up on Chinese GDP growth; S'pore leads

* Singapore hits 2-month highs
    * Manila back close to record high

    By Viparat Jantraprap	
    BANGKOK, Jan 17 (Reuters) - 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
the region.	
    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
not likely."	
    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
For Asian Companies click; 	
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For South East Asia Hot Stock reports, click;	
 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

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