Most Southeast Asian stocks rise

Most Southeast Asian stock markets ended higher on Tuesday, with the Indonesian benchmark climbing for a second day as domestic investors continued to tiptoe back, but stocks in Thailand retreated as investors locked in quick gains. Jakarta's composite index climbed 1.5 percent to a near-one-week high in thin volume, which was 83 percent the 30-day average.
Domestic investors were net buyers of big-caps such as Bank Rakyat Indonesia and Bank Mandiri, while the overall stock market posted net foreign sales for a fifth day, worth 170 billion rupiah ($12.55 million). The Thai SET index erased early gains to end a tad lower, after having advanced over the past two days. Domestic institutions unloaded shares for the first time in three days, stock exchange data showed.
Stocks in Singapore ended a five-day losing streak while Malaysia posted its first gain in seven days. The Philippines extended Monday's rebound while Vietnam recovered from the earlier session's weakness. Brokers in the region said they expected a limited upside in sharemarkets near-term due to unexciting corporate earnings and a murky earnings outlook.
Asian stocks rose on Tuesday helped by buoyant US markets and recent data that indicated the global economy may have turned a corner, though wary central banks signalled a recovery may be anything but durable. Vietnam's VN Index rose 1.48 percent to close at 611.71 points, the highest level in 12 weeks, with most shares gaining ground led by food, beverages and tobacco stocks.
Dairy products maker Vinamilk, the country's biggest listed firm, climbed 5.13 percent to an all-time closing high of 123,000 dong ($5.51). VNM shares jumped after local media said Fraser and Neave Ltd plans to buy the state's 45-percent stake in a $4 billion deal. F&N, which currently owns 11 percent of Vinamilk through its dairy subsidiary, said it had not made a formal offer with regard to purchasing the government's stake. Insurer BaoViet Holdings soared 6.78 percent to over three-month high while technology firm FPT Corp also rallied 6.06 percent to the highest level since 2008. A total of 116.5 million shares changed hands, slightly above the five-day average of 110.84 million, Reuters data showed.