Stocks in Singapore and the Philippines eked out gains on Wednesday as investors bought back shares on expectations the Greek debt crisis could have a contained effect, while Malaysian shares rallied after Fitch upgraded its credit rating outlook. Kuala Lumpur composite index trimmed some of its earlier gain and ended the day up 1.3 percent, the biggest single-day rise in more than six months.
Credit Suisse said Malaysia and regional peer Indonesia could be the most fragile economies if the Greek crisis stalls economic recovery in the euro area. Jakarta composite index finished down 0.1 percent at 4,904.06, coming off an intraday high of 4,932.43. Singapore's Straits Times Index was up 0.4 percent, extending the rebound from a near six-month low hit on Monday amid concerns about the Greek debt. Philippine key index recouped early loss and closed up 0.14 percent.
Foreign investors sold Philippine shares worth a net 386 million peso ($8.56 million) on Wednesday, including a net selling in shares of Universal Robina Corp and Ayala Land Inc, stock exchange data showed. Vietnam retreated 0.3 percent from a more than one week closing high on Tuesday. Thai stock market was shut and will resume trading on Thursday. Data released on Wednesday showed Thai annual consumer prices dropped for a sixth straight month in June, giving room for the central bank to keep interest rates low or cut them to support the stumbling economy.
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