South East Asian markets: Singapore leads regional gains

Selective buying in commodities-related shares on the back of high oil prices helped lift some south-east Asian stock markets on Friday. Positive comments on Europe's outlook, and stabilisation in European bond markets, also provided support as the region gained on the week, led by a 5.2 percent rise in Vietnam.
Strong demand at Spanish and Italian debt auctions helped to offset lacklustre economic data from the United States, where retail sales rose in December at their weakest pace in seven months. The European Central Bank left interest rates unchanged on Thursday and did not offer to take further action to tackle the euro zone debt crisis, citing tentative signs of a stabilising economy.
Singapore's Straits Times Index climbed 1.8 percent, Jakarta's Composite Index edged up 0.7 percent and Vietnam's Ho Chi Minh Stock Exchange index rose 1.8 percent. Stocks in Malaysia, Thailand and the Philippines erased early gains to finish down 0.2 percent, 0.71 percent, and 0.74 percent respectively.
The Philippines' main index had set a record high on Wednesday and Thursday amid foreign fund inflows. Philippine Long Distance Telephone Co dropped 1.4 percent, extending its losses for a second session, partly due to profit taking, brokers said. It had gained 6 percent in three sessions ending Wednesday. Investors selectively bought regional shares but remained cautious as the global outlook was uncertain, brokers said.
Singapore's Golden Agri Resources Ltd rose 2.78 percent after a combined 2.7 percent drop in the previous two sessions, and Indonesia's PT Bumi Resources Tbk rose 2 percent. "I think there's no significant positive or negative news and funds globally still hold a lot of cash," said Viwat Techapoonphol, senior strategist at broker Tisco Securities.
Asian shares rose to a one-month high on Friday. MSCI's broadest index of Asia-Pacific shares, excluding Japan, rising 0.8 percent by 1005 GMT. In Bangkok, banking stocks eased 0.4 percent, partly due to the prospect of weak fourth-quarter results. Commercial banks will report quarterly results by next week.