Southeast Asian markets edge higher

Most Southeast Asian stock markets edged higher on Wednesday as demand for growth stocks lifted consumer and resource-related shares outperform amid a bout of profit-taking across the region following a rally in January.
Optimism that the region will keep growing more quickly than others and some hope for an improving global economy helped attract investors to Southeast Asian markets, brokers said. Bargain hunters sought selected blue chip shares based on the belief they will report good earnings, they said.
Andrew Yates, head of international equity sales at broker Asia Plus Securities in Bangkok, said that in Thailand "we start to see the economy has recovered and consumer spending is going to help the market go up."
Singapore's benchmark Straits Times Index drifted down 0.1 percent after rising more than 9 percent in January, broadly in line with the MSCI Asia ex-Japan.
In a choppy session, stocks in Indonesia ended up 0.6 percent while Thailand's main SET index was up 0.22 percent.
Vietnam, which racked up the biggest January gain in Southeast Asia, rose 0.7 percent. Its index rose 10.4 percent last month.
Philippine shares rose 0.7 percent on Wednesday, heading close to the all-time high hit last week. Helping pull up the index were a 1.6 percent in Energy Development Corp and a 4 percent climb in Metropolitan Bank and Trust Co. Malaysia was shut for a market holiday and will reopen on Thursday. Kuala Lumpur lost 0.6 percent in January, faring worst in the region.
Some regional big caps retreated after their rally last month.
Singapore's DBS Group Holdings Ltd, which surged nearly 18 percent in January, fell 0.15 percent. Offshore marine firm Keppel Corp Ltd dropped 2.2 percent after a 16.7 percent gain of the previous month.
Singapore had been less favoured because of its relatively greater global exposure. The local index fell about 17 percent last year, Southeast Asia's second worst performer after Vietnam.
In Bangkok, Thai top industrial conglomerate Siam Cement Pcl fell 1.2 percent on Wednesday. It surged nearly 11 percent in January, with foreign funds seeing the stock seen as a proxy for Thai economy. Rotaional play was active in the region. Thailand's largest convenience store operator CP All Pcl rose 2.6 percent to a record high boosted by strong domestic consumption.
In Jakarta, profit-taking pulled PT Astra International Tbk , Indonesia's biggest firm by market capitalisation, down 1.5 percent. It gained 6.6 percent in January.