October 17, 2018 / 4:30 AM / a month ago

SE Asia Stocks-Rise on Wall Street rebound; Philippines, Singapore lead gains

    By Rashmi Ashok
    Oct 17 (Reuters) - Southeast Asian stock markets rose on
Wednesday, tracking a rebound on Wall Street and as local
investors looked for bargains in the wake of recent losses.
    Singapore shares rose up to 1.7 percent after two
straight sessions of falls, with financials and industrials
leading the bounceback. They declined about 4.5 percent last
week in their second straight weekly drop.
    "In the case of Singapore, we have been sharing much of the
downside, but not the upside. As valuations remain attractive in
Singapore, it's not surprising to find bargain hunting after the
recent selloff," said Liu Jinshu, director of research at NRA
Capital, referring to last week's rout.
    Investor sentiment was also upbeat after data showed
Singapore's non-oil domestic exports growth accelerated in
September, led by a jump in pharmaceutical shipments.

    Jardine Matheson Holdings Ltd gained 1.7 percent,
while United Overseas Bank Ltd climbed 2 percent.
    Philippine shares rose 2 percent to a near two-week
high, helped by financials. BDO Unibank Inc gained 3.6
percent, while Bank of the Philippine Islands climbed 3
percent.
    "Investors are taking advantage of cheap buy-aways from the
PSI, given that they have retreated two standard deviations
below its mean... We might reach up the resistance level again,
the valuations are getting attractive for the Philippines," said
AB Capital Securities analyst Lexter Azurin.
    Indonesian shares gained up to 0.5 percent, boosted
by telecom stocks. 
    Telekomunikasi Indonesia Tbk climbed 1.6 percent,
while Indah Kiat Pulp and Paper Tbk rose 7.6 percent.
    Malaysian shares edged higher, helped by tourist
resort operator Genting Malaysia Berhad and airport
services provider Malaysia Airports Holdings Bhd.
    Vietnam shares jumped 0.8 percent, boosted by
financial and real estate stocks. Vietnam Technological and
Commercial Joint Stock Bank rose 2.1 percent, while
Vinhomes Joint Stock Co gained 3.2 percent.
    Asian equities also got some welcome relief after upbeat
U.S. earnings reports drove a rebound on Wall Street and helped
restore a little faith in emerging market stocks and
currencies.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AT 0426 GMT
   
  Market           Current       Previous close  Pct Move
  Singapore        3086.14       3034.31         1.71
  Bangkok          1707.9        1697.87         0.59
  Manila           7125.67       6987.02         1.98
  Jakarta          5831.935      5800.817        0.54
  Kuala Lumpur     1740.62       1736.84         0.22
  Ho Chi Minh      970.57        963.37          0.75
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        3086.14       3402.92         -9.31
  Bangkok          1707.9        1753.71         -2.61
  Manila           7125.67       8558.42         -16.74
  Jakarta          5831.935      6355.654        -8.24
  Kuala Lumpur     1740.62       1796.81         -3.13
  Ho Chi Minh      970.57        984.24          -1.39
 
 (Reporting by Rashmi Ashok; Editing by Subhranshu Sahu)
  
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