Southeast Asian stocks rose on Thursday amid easing tensions in Ukraine, with the Malaysian index ending near its highest level in 2014 ahead of Bank Negara's interest rate decision while Thai shares chalked up gains on selective buying in banking shares. Bangkok's SET index inched up 0.04 percent, hovering around its highest in almost three months. Foreign investors bought a net $30.2 million, after net purchases of $170 million in the past four sessions.
Jitters over the domestic political crisis remained but there was some interest in select index heavyweights such as banks, which gained almost 1 percent. Credit Suisse saw buying opportunities in Thai stocks despite political mess. It said Thailand offered some interesting stocks, including energy stocks which had earnings streams largely insensitive to domestic economy and politics. "Although 2014 does not look strong for the stock market in general, energy and tourism-related stocks could buck the political trend," it said in a report dated March 4.
Malaysia's main index was up 0.5 percent at 1,838.69, the highest close since January 2. Malaysia's central bank held its key interest rate steady at 3.0 percent on Thursday, as expected, reiterating that a rise in inflation was expected to be contained as domestic spending cools. The announcement came after market close on Thursday. Gains in the region were in line with world shares bolstered by diplomatic efforts to cool the crisis in Ukraine. Stocks in Singapore and Indonesia rose for a third session. The Philippines climbed 0.9 percent to a five-month high, with the exchange reporting a net foreign buying of about 1.38 billion peso ($30.84 million), after combined inflows of $242 million over the past eleven sessions.
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