Thai stocks rose 3 percent on Monday as Southeast Asia stock markets followed gains in larger regional markets after Cyprus and the European Union agreed on a plan to tackle the island's financial crisis. Most markets in the region had slipped into negative territory last week due to the Cyprus crisis. Large-cap stocks, which were under heavy selling pressure last week, broadly rebounded on Monday.
Bangkok's SET index closed at 1,523.95, paring most of Friday 3.3 percent drop, led by a 2.8 percent gain in banking shares after Friday's 2.5 percent loss. "We believe the current sell-off is a great buying opportunity for bluechips as investors are likely to focus more on fundamentals after this," CIMB Securities (Thailand) said in a research note. The Philippines climbed 1.21 percent to 6,597.59, Indonesia rose 1.2 percent to 4,777.90 while Malaysia gained 1 percent to 1,643.89 as foreign investors bought shares worth 326 million ringgit ($105 million), stock exchange data showed.
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