Most Southeast Asian stock markets closed higher in thin trade on Thursday despite a subdued start following an overnight fall in Wall Street partly due to weak US home resales data. Contracts to buy previously owned US homes fell in November to their lowest level in nearly a year, which was seen by many as a sign that rising interest rates could be weighing on the housing market.
Indonesian shares ended up as much as 1.96 percent, their highest since November 11, helped by financial and consumer stocks. "Indonesia promises to provide significant yields next year due to improvement of their fundamentals," said Manny Cruz, an analyst at Manila-based Asiasec Equities Inc. Bank Central Asia, the biggest bank by market value, ended 4.24 percent higher while automaker Astra International rose 3.83 percent.
Philippine shares, which rose nearly 3 percent in the previous session, pared early losses to end flat. "There has been some window dressing before closing which helped trim market losses," said Cruz. "There has also been a decline over the past few months which has compelled bargain hunters to buy."
Singapore closed 0.3 percent lower, dragged by financial and industrial stocks. The government's advance estimate of fourth-quarter GDP is due on Tuesday next week. The biggest losers on the benchmark index were Comfortdelgro Corporation Ltd, down 3.9 percent to its lowest close in a month, and Singapore Technologies Engineering Ltd , down 1.2 percent. Thailand, Malaysia and Vietnam posted marginal gains. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.3 percent.
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