Southeast Asian stocks end mixed

Jan	07
2009

Reuters | 11/21/2008 9:44 PM

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BANGKOK - Southeast Asian stock markets ended mixed on Friday, with Singapore climbing nearly three percent on buying of financials such as UOB and DBS Group in reaction to a government stimulus package.

Singapore's benchmark Straits Times Index closed up 2.98 percent, snapping four days of falls, with UOB up 2.63 percent, DBS Group 4.8 percent higher and OCBC adding 2.22 percent.

Dealers attributed the gains to a S$2.3 billion ($1.5 billion) government stimulus package to help companies access credit amid the global financial crisis.

Other Asian markets rebounded from a five-year low on Friday as a variety of rumours, such as China cutting interest rates, prompted investors to cover short positions before the weekend.

Malaysian shares ended a three-day losing streak to inch up 0.18 percent, with Telekom Malaysia up 0.72 percent. IOI Corp. was unchanged at the close, erasing its early fall caused by tumbling crude palm oil futures.

Thai shares gained 0.9 percent, although dealers said sentiment remained cautious ahead of a planned anti-government rally at the weekend.

Thailand's biggest bank Bangkok Bank rose 1.6 percent and top coal miner Banpu gained 1.8 percent.

Indonesian shares drifted 0.75 percent lower, recovering from a 4.5 percent fall earlier, after the central bank pledged to respect the free movement of capital.

Bank Rakyat slipped 2.9 percent and Telkom Indonesia shed 4.35 percent.

In Manila, the main stock index lost for a second day to fall 4.15 percent to its lowest since Oct 29, with Philippine Long Distance Telephone down 5.5 percent and conglomerate Ayala Corp. 3.87 percent lower.

Vietnam shares fell for a fifth day, ending down 2.08 percent at their lowest since October 28. Decliners included Lam Son Sugar Co., down 5 percent, and Bach Tuyet Cotton Co., down 5 percent.

as of 11/21/2008 9:44 PM