September 26, 2013 / 6:06 AM / 4 years ago

SE Asia Stocks-Indonesia rebounds; others weak on US budget talks

BANGKOK, Sept 26 (Reuters) - Indonesian stocks rose on
Thursday as investors bought back recently-battered banks, while
others in Southeast Asia tracked broader Asia lower amid caution
over budget talks in the United States. 
    Jakarta's Composite Index was up 0.9 percent,
reversing loss on the previous session and in morning trade.
    Shares in Bank Rakyat Indonesia rose 2 percent
after losing nearly 10 percent in the past four sessions and
Bank Mandiri gained 1.2 percent after an 11 percent
drop over the same period.
    The recent selldown in banking shares was partly associated
with the central bank's slower loan growth target through its
new regulation that will take effect in November.
    "Banks generally claim that they are vigilant in their
lending so they will not be impacted. And tightening of policy
is actually positive for the overall sector risk," Citi Research
said in a report dated Sept. 25.
    Thai stocks were rangebound, with the broader SET index
 closing nearly unchanged at 1,437.92 at midday, while
the Philippine main index erased most of its early losses
that sent it to the lowest in more than a week at one point.
    Stocks in Singapore and Malaysia recouped 
some of their earlier losses amid selective buying in
commodities shares such as Wilmar International Ltd.
    Vietnam's index fell 0.56 percent amid news of slow
credit growth in a banking system grappling with toxic debt.

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 Change at 0540 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   410.83        412.11       -0.31
 Singapore          3198.26       3208.58       -0.32
 Kuala Lumpur       1777.42       1784.06       -0.37
 Bangkok            1437.92       1436.90       +0.07
 Jakarta            4445.62       4406.77       +0.88
 Manila             6408.67       6420.42       -0.12
 Ho Chi Minh         483.50        486.22       -0.56
0 : 0
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