Southeast Asian markets: Singapore gains

Singapore's stock market rose on Tuesday but others in the region were flat in light volume, with worries about oil prices and inflation deterring investors. However, some were taking a more positive view on Japan's nuclear crisis and were prepared to buy back risky assets.
Singapore gained 0.6 percent to hit its highest close since March 14. The Philippines gained 0.3 percent but Malaysia and Indonesia barely moved. Thailand fell 0.1 percent after touching a two-week high during the day, while Vietnam fell 0.7 percent.
"Though sentiment is still cautious, there is room for some investors to look on the bright side," said Song Seng Wun, a regional economist at Singapore-based CIMB-GK Research. On Tuesday oil prices were steady following a 1 percent rise in the previous session as unrest in the Middle East fed fears of supply disruptions.
Sentiment was helped by the Japanese stock market, which jumped more than 4 percent when trade resumed following a holiday on Monday. The MSCI index of Asia Pacific shares outside Japan was up 0.7 percent at 0947 GMT. In Bangkok, the Stock Exchange of Thailand's president, Charamporn Jotikasthira, told reporters there was no sign that Japanese investors were repatriating funds from the Thai stock market, and traders said easing concerns about the nuclear situation had lifted a weight off the Thai market.
Bangkok touched a two-week high at one point, led by gains in banks on optimism over strong credit growth in February, but a drop in energy shares brought the index down by the close. Top lender Bangkok Bank and second-ranked Krung Thai Bank both rose 1.2 percent.
"Buying interest continued in banking stocks," said Pichai Lertsupongkij, head of investment advisory at broker Thanachart Securities. "Overall the market gain was in a narrow range because the rise yesterday largely factored in the easing concerns about Japan." Jakarta and Kuala Lumpur suffered net foreign outflows of $26 and $11.7 million respectively on the day. In Singapore, Sembcorp Marine, the world's second-largest oil rig builder, rose 3.3 percent after it said it won an order worth $450 million to build a jack-up rig.