Expectations of strong bank results and foreign buying drove Thailand's stock market up in high volume, but other markets in Southeast Asia were mixed on Tuesday as investors worried about sovereign debt problems in the United States and Europe.
Bangkok enjoyed a net foreign inflow of $96.7 million, the highest since July 5, Reuters data showed, as foreign investors bought into Thai stocks and helped push up the baht.
Thailand jumped 1.2 percent to a five-week high, led by banks after the country's third-largest lender, Kasikornbank, reported a 42 percent rise in quarterly profit on Monday due to strong loan growth.
Kasikornbank shares jumped 6.7 percent to their highest close since April 4, while Thailand's fourth-largest lender, Siam Commercial Bank , closed 4.3 percent up before posting a better-than-expected 53 percent rise in profit.
Bangkok Bank, Thailand's largest lender, gained 3.1 percent and Bank of Ayudhya rose 3.6 percent. Other markets closed mixed but the Philippines hit another record high, closing up 0.2 percent, helped by $11.8 million in foreign inflows. Singapore added 0.6 percent. A foreign outflow of $27.1 million and a correction in heavyweight stocks and banks drove Jakarta down 0.2 percent from a record high close on Monday.
The country's biggest listed firm and top vehicle distributor, Astra International, fell 1.5 percent, while the biggest lender by market value, Bank Central Asia, closed 2.6 percent weaker.
At 0952 GMT, both the MSCI index of Asia excluding Japan and the MSCI index of Southeast Asia stocks were up 0.4 percent. Malaysia closed 0.4 percent weaker as financials fell, led by a 1.4 percent loss in CIMB Group.
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