Thai stocks scaled a 20-month peak on Friday as investors snapped up banks and energy shares on renewed confidence in its economy, while most other Southeast Asian stock markets fizzled or managed just small gains. Singapore and Indonesia each posted small rises while Malaysia, the Philippines and Vietnam ending in a negative territory.
The region took a breather after a run-up in the week on a renewed pledge by the US Federal Reserve to keep rates near zero, which bolstered equities returns and fuelled expectations of a domestic consumption recovery that attracted foreign funds.
In Bangkok, the index climbed 2.1 percent to its best intraday peak since June 30, 2008, with banking shares surging 3.9 percent to the highest since October, 2007. Siam Commercial Bank jumped 4.8 percent, Kasikornbank rose 5.2 percent and Bangkok Bank gained 3.6 percent. Top energy firm PTT rose 1.6 percent and its energy unit PTT Exploration added 1.4 percent.
Foreign investors were net buyers of Thai shares for 19 days on Friday, according to Thomson Reuters data. Thailand rose 5.6 percent for the week, Southeast Asia's best performer, ahead of Indonesia's 2.87 percent gain. In Singapore, shares still hovered around eight-week highs, with top telecom firm Singapore Telecom up 1.6 percent while top bank DBS dropped 3.2 percent due to profit taking after its three-day run, a Singapore-based dealer said.
In Jakarta, gainers included gas distributor Perusahaan Gas Negara which rose 3.7 percent and Unilever Indonesia which gained 2.1 percent while Bank Danamon fell 4.6 percent. In Kuala Lumpur, palm plantation firms led losers, with Sime Darby and IOI Corp each down 1.1 percent. Financials led among decliners in Manila and Hanoi, with Metrobank falling one percent, Vietinbank losing 4.5 percent and Baoviet down 3.5 percent.
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