Southeast Asian stock markets traded mixed on Monday with stocks in Indonesia and Philippines rebounding after a recent bout of weakness. The Indonesian stock index closed up 1.1 percent, rebounding from a 7 percent decline in seven sessions. The market was hurt by weak first-quarter earnings which were seen as a preview to poor GDP data.
"Risk reward is looking attractive albeit we suggest investors to buy sparingly as the market still lacks a positive catalyst," Trimegah Securities wrote in a note to clients on Monday. Shares of property company PT Lippo Karawaci Tbk jumped 10 percent, its biggest one-day gain since September 19, 2013. The Philippine index rebounded from its lowest in nearly three months in the previous session, closing up 1.3 percent. Property company SM Prime Holdings Inc was among the biggest gainers, up 1.8 percent after its first-quarter profit surged 176 percent. The Singapore market closed 0.1 percent down, while Vietnam dropped 3 percent. Thailand and Malaysian markets are closed for public holidays and will resume on Tuesday.
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