Most Southeast Asian markets gain

Most Southeast Asian stock markets gained on Thursday, with Thailand nearing a five-month high after the US Federal Reserve said it would keep interest rates low for a much longer-than-expected period, ensuring there will be ample liquidity to help spur growth.
The Fed said on Wednesday it would keep interest rates near zero through at least 2014, which was longer than many investors had anticipated. Fed Chairman Ben Bernanke said at a news conference the central bank also was ready to offer the economy additional stimulus. "The Fed's decision boosted the demand for risky assets," said Pichai Lertsupongkij, head of sales at Bangkok-based Thanachart Securities.
Thailand's benchmark index surged 1.2 percent to hit a near five-month high, led by energy shares, while Indonesia gained 0.5 percent and Malaysia added 0.3 percent. Despite the gains, Jakarta and Kuala Lumpur saw foreign selling of $3.1 9 million and $3.3 million, respectively. Singapore edged up 0.1 percent, but the Philippines fell for a third straight session on profit taking, shedding 1.3 percent.
Regional economists said investors were looking for clues from December quarter company earnings, while eagerly waiting to see signs of recovery in the United States and Europe. "Investors still have guarded optimism and better results will improve it," said Song Seng Wun, a Singapore-based regional economist at CIMB-GK Research. "We are not going to see any nasty surprises from either the US or Europe. So investor focus is now on earnings."
After the market closed, Keppel Corp Ltd, the world's largest rig-builder, reported an 11 percent rise in quarterly net profit and issued an upbeat outlook. Singapore's stock index was weighed down by profit taking in early activity after nearing the key resistance level of 2,900, traders said, but late buying helped it to end at 2,894.43.
Shares of Singapore-listed technology firm China Auto Corp Ltd leapt over 50 percent after it said its associate had reached a deal to sell some assets to a unit of shipping firm Neptune Orient Lines (NOL). In Bangkok, top listed oil firm PTT and PTT Exploration and Production gained over 1.7 percent each. PTT Global Chemical Pcl, Thailand's largest petrochemical maker, gained 2 percent after it said that it was keen to invest in China and Indonesia to expand its production fast-growing countries.