Southeast Asian stock markets rose on Tuesday amid inflows into selected large caps, with the Philippine index extending its gains for a second day, the Indonesian benchmark climbing to a near two-week high and the Thai key index hitting a 15-month high.
Foreign investors were net buyers of large cap stocks such as Philippines-listed SM Investments Corp, Philippine Long Distance Telephone and Indonesia's telecommunications firm XL Axiata, stock exchange data showed. The Philippine main index finished up 0.3 percent, adding to Monday's 0.5 percent gain and further rebounding from a near two-week low hit on Friday. Jakarta's composite index rose to 5,201.59, its highest close since August 21.
The Thai SET index rose for a third consecutive session, gaining 0.2 percent to 1,568.60, the highest since May 30, 2013. Brokers in Bangkok attributed the rise to hopes of a possible loosening of policy by the European Central Bank later this week, optimism about the new government and some economic policies expected to be announced soon. The Thai stock market posted net foreign inflows worth 846 million baht ($26.36 million) while the Malaysian bourse recorded 110 million ringgit worth of net foreign buying ($34.61 million).