Most Southeast Asian stock markets closed firmer on Friday as foreign inflows picked on easing concerns over the eurozone debt crisis. Thailand saw the year's largest foreign inflows with $186 million, helping nudge the market up 0.4 percent following outflows of $318.7 million in six sessions through Wednesday.
"The market will continue to move sideways as we see profit taking by foreigners in the end of the year," said Pichai Lertsupongkij, head of sales at Bangkok-based Thanachart Securities. Indonesia, the region's best performer this year, gained 1.3 percent with foreign inflows of $44.8 million, its highest since October 5.
Indonesia is trading at 15.3 times this year projected earnings, below all-Asia's 13.3 and richer than Thailand's 12.3. The Philippines is trading at 13.3, while Singapore and Malaysia are trading at 13.9, Thomson Reuters StarMine data show. Philippines rebounded with a 3.1 percent gain this week. Last week it was the region's worst performer with a 6.3 percent loss. On Friday, it jumped 2 percent to its highest since November 9, despite foreign outflows of $1.5 million. Malaysia rose 0.6 percent, led by financials with a 1.6 percent rise in Malayan Banking. Bucking the trend Singapore lost 0.6 percent on worries of possible rate increases in China and regional price controls.
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