SE Asia Stocks - Mixed; Jakarta recovers from 5-wk low
March 27 (Reuters) - Most Southeast Asian stock markets were
trading mixed on Friday, with Indonesia recovering from a
five-week closing low hit in the previous session, as upbeat
U.S. economic data helped revive some risk appetite, but concern
over tensions in the Middle East capped the gains.
Jakarta's composite index traded 0.3 percent firmer
by midday, recovering from its lowest close in five weeks hit in
the previous session, but concerns over continued foreign
outflow remained amid a sliding rupiah.
Fund managers and foreign investors are bailing out of
Indonesian stocks as worries grow that a perfect storm of a
sliding rupiah, record levels of foreign debt and rising import
costs could bring some businesses to their knees.
Singapore's key stock index was up 0.3 percent,
heading for a fifth straight session of gains.
"The market could trend higher again today, with talk of
some possible window dressing ahead of the month-end," said
Singapore-based Net Research Asia in a investor note, adding
that trading volumes are likely to be thin as the city-state was
focusing on its founding Prime Minister Lee Kuan Yew's funeral
scheduled for Sunday.
The Philippine stock index was 0.2 percent firmer a
day after the central bank left key policy rates steady as
expected.
Risk appetite improved on optimism over the U.S. economy
after robust jobs data and activity in the services sector hit a
six-month high in March.
However, the gains were checked by the Saudi-led operation
against Yemen. Though it has not affected the oil facilities of
major Gulf producers, fears the conflict could spread and
disrupt Middle East shipments have for now hit the sentiment.
Thailand's SET index was 0.4 percent weaker, mainly
led by commodity shares and headed for a sixth straight losing
session, and hovered near a three-month low.
Malaysia was marginally lower and Vietnam's
benchmark VN Index fell 0.2 percent at the break, with
rebounds in some banking shares cushioning falls in most
equities.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0606 GMT
Market Current Prev Close Pct Move
Singapore 3444.74 3431.59 +0.36
Kuala Lumpur 1817.46 1818.42 -0.05
Bangkok 1490.11 1496.41 -0.42
Jakarta 5387.20 5368.80 +0.34
Manila 7885.34 7871.10 +0.18
Ho Chi Minh 555.23 556.16 -0.17
(Reporting by Shihar Aneez in COLOMBO; Editing by Sunil Nair)