Most Southeast Asian stock markets posted limited gains in light volume on Thursday, led by commodities-related shares, but investors remained wary amid uncertainty over a eurozone debt crisis and the faltering US economy. Market turnover fell below monthly average for most in the region. Late buying kicked in as global stocks edged up ahead of a European Central Bank meeting seen calling a halt to its rate tightening cycle to support economies.
Singapore's Straits Times Index ended up 0.87 percent at its day's high of 2,856.90, with stocks in Malaysia, Indonesia and Thailand posting smaller gains. Stocks in the Philippines rose 0.96 percent and Vietnam shares climbed 2.1 percent. Global equities gained, with the MSCI All-Country World index trading 0.39 percent higher by 0950 GMT.
Market players also looked for indicators as US Federal Reserve Chairman Ben Bernanke prepared to speak later on Thursday, at 1730 GMT, and President Barack Obama outlines to Congress his plans for reviving the faltering economy at 2300 GMT. Outperformers on the day included commodities stocks such as Singapore palm oil firm Indofood Agri Resources, which climbed 2.9 percent as Malaysian palm oil futures extended gains for a second day.
Indonesia's banks and consumer stocks gained after its central bank left its benchmark policy rate on hold at 6.75 percent as expected, which some analysts said could help support domestic spending. Bank Rakyat Indonesia, the biggest micro lender, climbed 1.5 percent and Indofood CBP, the largest noodle maker, jumped 6 percent.
Among weak spots, Thai telecoms stock prices turned weaker after allegations of irregularities in a new regulator selection, which boosted hopes for a launch of the long-delayed auction of new third-generation telecommunications licences. Top mobile operator Advanced Into Service dropped 1.6 percent and second-ranked Total Access Communication eased 0.3 percent after Tuesday's rally to all-time highs.
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