Most Southeast Asian stocks tilt higher

Most Southeast Asian stock markets tilted higher in moderate volume on Wednesday, with buying in large capitalised stocks and banks lifting activity in Thailand and Indonesia, and as investors awaited a US Federal Reserve policmaking decision. The region remained mildly cautious, albeit with more fund inflows on expectations the Federal Reserve is unlikely surprise with a hawkish stance.
"It seemed the region lost some of its early gains. All eyes are still on the Fed's comments basically for clues on US economy and interest rates. There's no other specific news," said Teerada Charnyingyong, strategist at Phillip Securities in Bangkok. Stocks in Indonesia , Thailand and the Philippines , all moved in range on the day, finished up 0.8 percent, 0.4 percent and 0.37 percent, respectively, with foreign investors leading the buying.
Indonesia took in $38 million of inflows and the Philippines reported $13 million in net foreign buying, according to Thomson Reuters data. Vietnam gained $500,000 inflows, with the index rising 1.6 percent to a one-month high. Thailand posted inflows for an eighth session, adding $65 million, and Malaysia had $13 million inflows, its seventh, exchange data showed.
Malaysia's main index edged up 0.17 percent, climbing at one point to its highest in almost one week. Singapore's Straits Times Index was up 0.34 percent, bouncing off a one-week low in a choppy session. "It's not a very firm market for Singapore," a Singapore-based equity trader said.
Singapore's long-ruling People's Action Party (PAP) faces an unprecedented challenge at the May 7 general election. While there is no suggestion the PAP could lose power, several analysts say its margin of victory will most likely fall from the 82 of 84 seats it won at the last election. Turnover in Singapore was around its 30-day average, similar to trading volumes for Malaysia, Thailand and Vietnam. Indonesia was the most active in the region, with turnover of 1.7 times the average.
Banks and index heavyweights were among outperformers in Jakarta and Bangkok. Bank Mandiri, Indonesia's largest bank by assets, advanced 2.1 percent due to expectations of its good earnings, a local dealer said. Siam Cement rose 1 percent after the biggest industrial conglomerate posted a 34 percent rise in quarterly net profit thanks to improved performances led by its petrochemical business.