Most Southeast Asian markets dip

Most Southeast Asian stock markets dipped on Tuesday having gained most of early lost ground, as Japan's nuclear crisis fuelled selling in airline firms but helped lift possible beneficiaries of the post-quake recovery effort. Sharemarkets were largely in range on the day, with market players hunting for bargains in stocks recently beaten down on negative sentiment surrounding the impact of an earthquake, tsunami and nuclear woes in Japan.
Hopes for a positive spillover from Japanese spending on reconstruction boded well for earnings of several related sectors, which will most likely see a boost in the second half, according to Warut Siwasariyanon, head of research at broker Finansia Syrus Securities. Singapore's Straits Times Index finished almost flat, recouping its early loss, led by a rebound in big-caps like Singapore Telecommunications, Southeast Asia's largest telecommunication firm, which inched up 0.3 percent.
Stocks in Indonesia and the Philippines posted small losses, coming off their day's lows, reporting mild outflows of $11.6 million and $2.3 million, respectively, Thomson Reuters data showed. Singapore saw low volume of just a little over half its 30-day average but turnover of most others was at around the average of the past 30 days. Bucking the trend, Thai stocks and Malaysia eked out small gains, seeing inflows worth $10.9 million and $26 million, respectively, exchange data showed.
Global stocks rebounded from early losses tied to Japan's struggle to contain the world's worst nuclear crisis in decades. The Nikkei share average fell slightly on Tuesday, bouncing from steep early losses while other Asian shares edged up. MSCI's index of Asian shares outside Japan gained 0.35 percent, by 1045 GMT. Among losers in the region, Malaysia's AirAsia dropped 1.1 percent and Philippine Cebu Air skid 2.7 percent.
In Jakarta, PT Astra International, a vehicle distributor, plunged 3.9 percent and PT United Tractors, top heavy equipment provider, lost 2.5 percent, on worries Japan's manufacturing disruption would hurt sales. In Bangkok, industrial estate developer Hemaraj Land and Development surged 3 percent. The company said it would raise 2011 land sales target due to possible relocation of some of Japan's automotive sector after this month's quake and tsunami.