Most Southeast Asian stock markets squeezed out small gains on Tuesday as investors selectively sought blue chip firms in a reporting season, while concerns about Europe's sovereign debt problems remained in overriding focus. "The Fed's view on low rates has helped attract funds to riskier assets," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities in Bangkok.
"For market outlook, it very much still depends on the external environment, particularly the Europe debt issue." In a choppy session, Singapore's benchmark Straits Times Index rose 0.64 percent to log a gain of 9.7 percent in January, its best monthly performance in more than two years and the second best in Southeast Asia after Vietnam gained 10.4 percent on the month.
Singapore was Southeast Asia's second-worst performer in 2011, after Vietnam, the worst. Malaysia's benchmark index edged up 0.5 percent on Tuesday ahead of a market holiday on Wednesday. Indonesia's benchmark index was up 0.7 percent, Philippines stocks were up 0.8 percent while the Thai SET index edged up 0.55 percent by 0922 GMT.
The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 percent by 0922 GMT. The index was up 10 percent on the month, in its first gain in three months. In Singapore, banks gained, led by a climb of 1 percent in shares of DBS Group Holdings Ltd, the city state's biggest banker, after central bank data showed total bank lending in Singapore rose 1.1 percent in December from November.
Singapore banks were attractively valued compared to others in the region, said analyst Andrew Chow at Singapore's UOB Kay Hian. In Bangkok, top oil and gas explorer PTT Exploration and Production Pcl climbed as much as 1.4 percent to a one- week high after it reported better-than-expected fourth quarter results, boosted by high product prices.
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