Thai stocks snapped four days of losses on Wednesday as bargain hunting emerged in banks after positive consumer confidence data in December while Malaysian shares trimmed losses amid a rise in the ringgit and strong trade data in November.
Thai SET index closed up 1.6 percent, erasing some of the 12.9 percent loss over the past four trading days, after a university survey showed consumer confidence in Thailand hit an 18-month high in December.
Shares of state-run Krung Thai Bank jumped 4.2 percent, the biggest single-day gain since November 2013. Krung Thai shares gained snapping a three-day losing streak, which sent the stock to a more than six month low.
"Many brokers had a buy call in many battered stocks today. But the market's near-term rally would be capped by long-term equity fund redemptions," said strategist Viwat Techapoonpol at Tisco Securities.
Stocks in Singapore and Indonesia also rebounded amid gains in other Asian stock markets. In Kuala Lumpur, the key stock index closed down 0.4 percent, trimming some of its early loss, while the ringgit won brief reprieve after the strong export and trade balance data in November.
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