Southeast Asian stock markets ended higher on Tuesday, as broader Asia pulled further away from two-month lows, with a rebound in Wall Street lending support to global equities. Singapore shares climbed nearly 1 percent led by financials such as Oversea-Chinese Banking Corporation Ltd, up 2.5 percent, and United Overseas Bank Ltd , up 1.9 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9 percent after sliding to its lowest level since Dec. 11 on Friday. "Opportunistic buying seems to be the theme (in Southeast Asia) as economic fundamentals remain strong," said Kevin Foy, regional head, sales trading at Maybank Kim Eng Securities, Singapore.
Wall Street's three major indexes rose for a second session on Monday, after recording their biggest weekly drop in two years, inspiring some confidence in investors. Philippine shares snapped three straight sessions of losses and rose about 1 percent, helped by gains in industrials and real estate stocks. The top gainer on the index was property developer SM Prime Holdings Inc which climbed 3.3 percent to close at its highest in over a week. Vietnam hit a more than one-week high, ending 1.7 percent higher, recording its second straight session of gains.
Financials and utilities led the gains, with Vietnam Joint Stock Commercial Bank for Industry and Trade, up 3.8 percent, closing at its highest since February 2 and Petrovietnam Gas Joint Stock Corp rising 4.4 percent. Indonesian shares ended the day 0.8 percent firmer at their highest close in over a week with financials and telecoms outperforming other sectors.
Bank Central Asia Tbk PT rose over 1 percent, while Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT gained 2 percent to its highest close since January 29. Malaysia jumped 0.2 percent, its second straight session of gains, while Thai shares finished flat.
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