Most Southeast Asian stock markets edged up in lacklustre trade on Tuesday in the absence of any market-moving news, while Bangkok gained nearly 1 percent on weak oil prices. Other Asian stocks posted their biggest rise in two weeks on Tuesday, following strong gains on Wall Street. US stocks ended higher on Monday after the Dow Jones Industrial Average Index hit a record high, as robust services sector data pointed to a strengthening economy.
"Markets are moving sideways because of a lack of fundamental, market-moving news," said Victor Felix, an equity analyst with Manila-based AB Capital Securities. "The Philippines, in particular, is disconnected from Wall Street directions, notably after the US election. We are probably seeing some rebounds from Monday's sharp drop." Philippine shares yo-yoed over the day - the index opened higher to eventually ease during midday trading, and then recouped the losses to finish the session 0.4 percent higher.
Real estate sector accounted for half the gains on the index, with property developer SM Prime Holdings closing 1.9 percent higher. In contrast, Manila Electric hit a 15-month low after slipping as much as 0.54 percent. Thai shares gained traction in the second half of the session, up nearly 1 percent, underpinned by energy stocks.
Star Petroleum Refining climbed 1.63 percent, while Esso Thailand rallied 1.6 percent, after oil prices eased on Tuesday. Thailand is the second largest net importer of oil in Southeast Asia. Vietnam shares were the only losers in the region with a 1.32 percent fall, following the debut of Saigon Beer Alcohol Beverage Corp. Vietnam's largest beer producer Sabeco, a much sought after stock, may have led to selling of other issues to raise cash, said Fiachra Mac Cana, managing director and head of research at Ho Chi Minh Securities. Industrials and financials constituted more than half the losses on the index. Indonesian shares extended their rally into a sixth session, posting marginal gains, helped by financials.
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