Most Southeast Asian stocks modestly higher

Most Southeast Asian stocks recouped early losses to end modestly higher on Friday, helped by late buying in beaten-down blue chips and resource-related shares. Sentiment in the region turned more positive as European equity markets steadied following four straight sessions of losses sparked by concerns over the global growth outlook.
Singapore's Straits Times Index edged up 0.4 percent, Thailand's SET index gained 0.3 percent and Malaysia's main index added 0.2 percent. The Philippine index finished nearly flat after a choppy session, while the Ho Chi Minh Stock Exchange's VN Index climbed 1.9 percent. Indonesian markets were shut for a Friday and will reopen on Monday. Broader Asian shares fell on Friday and growth-linked currencies such as the Australian dollar were shunned after data showing shrinking factory activity in China and the eurozone heightened concerns about a slowdown in the global economy.
MSCI's broadest index of Asia Pacific shares outside Japan was trading down 0.1 percent at 1004 GMT. Share markets have shifted their focus to macroeconomic trends as corporate earnings reporting season ends, brokers in the region said. "It has been about China growth. In the absence of anything else to keep the market occupied, that has taken some of the wind out from the market," said Singapore-based Song Seng Wun, senior analyst at CIMB.
The region generally took a breather on the week as investors worried about the global economy, with the Philippine stock market faring worst, posting a weekly loss of 2 percent. Among bright spots on Friday, Genting Singapore PLC surged almost 7 percent after Singapore's move to license two casino junket operators, and analysts said it could help the firm attract more big gamblers to its casino and lower credit risk.
Malaysia-listed Genting Bhd, which controls Genting Singapore, gained 2.2 percent. In Bangkok, petrochemical firm PTT Global Chemical Pcl edged up 1.74 percent, after falling at one point. But banking shares fell 0.6 percent due to high valuations. In its quarterly outlook for Asia Pacific dated March 22, Goldman Sachs said it expected a period of consolidation for the Asia Pacific in the second quarter, with market leadership seen rotating out of global cyclicals to domestic themes. It raised Indonesia to overweight, reflecting its preference for domestic themes while remained underweight Malaysia because of better opportunities elsewhere in ASEAN. The broker put Thailand, Singapore and the Philippines market at weight.