Most Southeast Asian stock markets rose on Friday as investors looked for bargains after earlier losses that were driven by concern over the global economic recovery. Indonesia gained 0.9 percent, Singapore rose 0.4 percent after hitting a three-week low on Thursday, Malaysia closed 0.6 percent firmer, and Vietnam added 1 percent.
Bucking the trend, the Philippines dropped 0.4 percent to its lowest close since August 3. Thailand was closed for a holiday. "It's a technical rebound after European markets showed signs of recovery," said a Singapore-based analyst who asked not to be named. "Investors were looking at specific shares, rather than the overall market, before buying."
The markets have been under pressure from concerns over a slow recovery in the global economy after an unexpected rise in US jobless claims and a slowdown in Chinese factory output. Singapore shares rose after falling for three straight sessions with Genting Singapore surging over 14 percent after the casino operator posted strong second-quarter earnings.
Shares in Singapore's banks also recovered marginally with 0.3 percent rise in top lender DBS Group, a 0.1 percent gain in United Overseas Bank and a 0.4 percent rise in Oversea Chinese Banking Corp. Bucking the trend, Wilmar, the world's biggest listed palm oil firm, fell 2.2 percent after posting a fall in earnings.
In Jakarta, the index rose for the first time in four sessions with Indonesia's leading automotive distributor Astra International rising 1.5 percent and the country's second largest lender Bank Central Asia gaining 1.7 percent. In Manila, the fall was led by property firm Ayala Land, which lost 2 percent. Conglomerate San Miguel Corp whose net income fell sharply in the second quarter from a year earlier, fell 0.6 percent. Malaysian shares rebounded with Genting Malaysia jumping 6.2 percent and Axiata Group gaining 2.8 percent.
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