JAKARTA, Dec 10: Southeast Asian stock markets mostly rose on Wednesday, with Malaysia leading the gains as it rebounded from a 15 month-low.
The Malaysian stock index rose 0.9 percent, its biggest gain in more than two weeks, after the previous session’s lowest close since September 2013 on concerns over declining crude oil prices.
“Investors have started to accumulate selective stocks in Malaysia. The decline earlier this week has brought prices fairly low,” said Reza Priyambada, head of research at Woori Korindo Securities in Jakarta. Latex products manufacturer Hartalega Holdings Bhd rose 1.5 percent after Maybank IB Research upgraded the stock to ‘buy’ and raised its target price, citing its earnings profile and saying it was benefiting from a stronger US dollar against the ringgit.
Indonesia’s Jakarta Composite Index rebounded from a two-week low, gaining 0.3 percent for the day. Shares in PT Bank Rakyat Indonesia, the country’s second largest lender by assets, rose 1.8 percent on Wednesday after Indonesian brokerage Danareksa reiterated its ‘buy’ rating on the stock, citing a “well-managed deposits structure and resilient margins”.
The Singapore index rose 0.3 percent, while Philippine stocks fell 0.4 percent.
The Thai stock market was closed on Wednesday for a public holiday and will reopen on Thursday.
(AGENCIES)
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