Southeast Asian stock markets rose on Wednesday as foreign investors bought into beaten down stocks on improved global risk appetite, with Philippines posting its best gain in five weeks and the Thai index hitting a more than 3-month peak.
The Philippine composite index was up 2.3 percent, its best single day increase since January 27, with Megaworld Corp and Philippine Long Distance Telephone Company leading the way on foreign investor-led buying.
Thai SET index advanced 1.4 percent to 1,365.31, the highest close since November 26. It breached the key 1,350 level, with trading volumes nearly two times a 30-day average, as foreign investors turned net buyers for the first time in four days.
Among outperformers, Singapore's Straits Times Index climbed 1.7 percent to a near two-month high ahead of the city-state's February factory activity data later in the day. Asian shares rallied to two-month highs.
Attractive valuations across the region drew in equity investors, brokers said Foreigners net bought Thai shares worth 3.6 billion baht ($101 million), 350 million ringgit ($84 million) worth Malaysian stocks, 482 billion rupiah ($36 million) in Indonesian equities, and 1 billion peso ($21.14 million) in the Philippines, stock exchange and Thomson Reuters data showed.
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