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SE Asia Stocks-Rebound; Thai political risks in focus

BANGKOK, Feb 5 (Reuters) - Southeast Asian stocks edged

higher on Wednesday, helped by technical-led buying and

overnight gains in U.S. indexes, with Thai shares cautiously

rebounding from the previous session's fall amid caution over

political risks.

In Bangkok, the benchmark SET index was up 0.7

percent at 1,285.85 as investors picked shares of exporter

Charoen Pokphand Foods and dividend-yielding Advanced

Info Service.

The gauge dropped 1.2 percent on Tuesday due to selling by

foreigners as the election on Sunday failed to resolve the

country's political problems.

Broker Krungsri Securities said the SET index's move above a

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key support of 1,275 boded well for a technical rebound to its

previous high of 1,295, with the baht's appreciation

supportive to stock market sentiment.

"Although foreign outflows due to QE tapering will act as a

headwind for the SET, we expect it to recover gradually because

of its inexpensive valuation," the broker said in a report.

The SET has fallen more than 10 percent since November to

Wednesday, underperforming most others in the region and

reflecting concerns over the impact of protracted political

risks to the economy.

Southeast Asian markets were helped by a rebound in U.S.

stocks on Tuesday, with all the major indexes, the Dow Jones

industrial average, S&P 500 and the Nasdaq

Composite ending up.

Singapore's Straits Times Index edged up 0.2

percent, with shares of United Overseas Bank and

Keppel Corp recovering from recent losses.

The index had fallen more than 3 percent over the past four

sessions, hitting 14-month lows on Tuesday and leading regional

falls due to weak sentiment in the U.S.

Broker NRA Capital said the gains could be short-lived.

"Though there could be some momentary recovery today, we

think upside will be capped by profit-taking as there is still

pressure on the downside," it said in a report.

Indonesia's index rose 0.4 percent, recouping some

losses earlier this week. Stock exchange data showed foreign

investors were buying into large caps such as Semen Indonesia

and Telkom Indonesia.

Malaysia was up 0.4 percent, coming off a

three-month low hit on Tuesday. The Philippines gained

0.4 percent after the consumer price index for January rose in

line with forecasts.

Vietnam was closed for the country's Lunar New Year

festival, and will reopen on Feb. 6.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0437 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 376.33 374.94 -0.37

Singapore 2972.89 2965.80 +0.24

Kuala Lumpur 1785.00 1778.83 +0.35

Bangkok 1285.85 1276.84 +0.71

Jakarta 4368.73 4352.26 +0.38

Manila 5908.32 5886.01 +0.38