By Viparat Jantraprap
BANGKOK, Dec 30 (Reuters) - Southeast Asian stocks closed mainly higher on Tuesday, but after huge losses in 2008 shares across the region are expected to fall further next year due to the global economic slowdown.
Market turnover on Tuesday was light and buying interest came mainly from funds and others engaged in window-dressing at the end of the year, analysts said.
'A recovery from the global financial crisis remains a key point of argument in stock markets. There's still no final conclusion on whether it will be a U- or L-shaped recovery,' said Chaiyaporn Nompitakcharoen, head of research at Bualuang Securities.
'This is enough to keep everybody cautious on the market next year and the bear market sentiment is more likely to continue, at least into the first half of next year,' he said.
Despite the day's gains, Southeast Asian stocks are set to end the year with losses stretching to 66 percent in the case of Vietnam. Malaysia fared best among the regional markets but is still down 39 percent.
Singapore's Straits Times Index bucked the trend on Tuesday, erasing a small gain to a one-week high in early trade to close down 0.56 percent.
Decliners included DBS Group, down 1.86 percent after a rights issue closed on Monday, dealers said.
Stocks that outperformed the broader market were Singapore Exchange, which rose 1.2 percent, and Keppel Corp , which gained 3.8 percent.
The Malaysian stock index climbed 1.65 percent, with Tenaga Nasional surging 4.1 percent and IOI Corp rising 2.3 percent.
In Bangkok, the main index ended the final trading day of the year with a gain of 0.73 percent to its highest since Dec. 19 after new Prime Minister Abhisit Vejjajiva finally evaded protesters to make his maiden policy speech.
Thai stocks have recovered from a five-year low hit in November, when the global crisis triggered sell-offs in equities worldwide, but have fallen 47.6 percent this year, with the outlook still bleak, analysts said.
Big-cap energy shares led gainers, with PTT, the biggest energy firm, rising 1.2 percent and its PTT Exploration subsidiary adding 3.9 percent.
Indonesia rose 1.08 percent on the day and hit a two-week high in early trade, with Indosat up 2.7 percent, Bank Rakyat 3.9 percent higher and Telkom Indonesia adding 1.5 percent.
Vietnamese shares rose for the third straight day, up
2.5 percent at a four
week high. Outperformers were Sai Son Cement Joint Stock Company, which rose 3.9 percent, and Construction and Mechanical JSC No.1, which gained 5.7 percent.
The Philippine bourse, whose main index has lost almost half its value this year, was closed for a market holiday. FACTORS TO WATCH: Malaysia's YTL plans $287 mln REIT launch- report Thai Nov exports hit by airport closure, global woes Thai PM finally sets out policy, warns on economy Indonesia stock exchange says may scrap tradinglimits Palm surges on crude oil rally, export expectations Vietnam c.bank targets '09 credit growth For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Prev Close Pct Move Singapore 1770.65 1780.57 -0.56 Kuala Lumpur 881.63 867.35 +1.65 Bangkok 449.96 446.70 +0.73 Jakarta 1355.40 1340.89 +1.08 Ho Chi Minh 316.32 308.56 +2.51 Change on year Market Current End prev yr Pct Move Singapore 1770.65 3465.63 -48.91 Kuala Lumpur 881.63 1445.03 -38.99 Bangkok 449.96 858.10 -47.56 Jakarta 1355.40 2745.83 -50.64 Ho Chi Minh 316.32 927.02 -65.88 Stock Market Volume (shares) Market Current Volume Average Volume 90 days Singapore 216,090,600 341,214,167 Kuala Lumpur 95,932,900 242,223,907 Bangkok 1,781,932 3,322,779 Jakarta 794,684,000 1,981,582,400 Ho Chi Minh 15,493 17,145 ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street.... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Singapore diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Banking news Tech,Media,Telecoms Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview Keywords: MARKETS SOUTHEASTASIA STOCKS/ (viparat.jantraprapaweth@thomsonreuters.com; +66 2 648 9733; Reuters Messaging: viparat.jantraprapaweth.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BANGKOK, Dec 30 (Reuters) - Southeast Asian stocks closed mainly higher on Tuesday, but after huge losses in 2008 shares across the region are expected to fall further next year due to the global economic slowdown.
Market turnover on Tuesday was light and buying interest came mainly from funds and others engaged in window-dressing at the end of the year, analysts said.
'A recovery from the global financial crisis remains a key point of argument in stock markets. There's still no final conclusion on whether it will be a U- or L-shaped recovery,' said Chaiyaporn Nompitakcharoen, head of research at Bualuang Securities.
'This is enough to keep everybody cautious on the market next year and the bear market sentiment is more likely to continue, at least into the first half of next year,' he said.
Despite the day's gains, Southeast Asian stocks are set to end the year with losses stretching to 66 percent in the case of Vietnam. Malaysia fared best among the regional markets but is still down 39 percent.
Singapore's Straits Times Index bucked the trend on Tuesday, erasing a small gain to a one-week high in early trade to close down 0.56 percent.
Decliners included DBS Group, down 1.86 percent after a rights issue closed on Monday, dealers said.
Stocks that outperformed the broader market were Singapore Exchange, which rose 1.2 percent, and Keppel Corp , which gained 3.8 percent.
The Malaysian stock index climbed 1.65 percent, with Tenaga Nasional surging 4.1 percent and IOI Corp rising 2.3 percent.
In Bangkok, the main index ended the final trading day of the year with a gain of 0.73 percent to its highest since Dec. 19 after new Prime Minister Abhisit Vejjajiva finally evaded protesters to make his maiden policy speech.
Thai stocks have recovered from a five-year low hit in November, when the global crisis triggered sell-offs in equities worldwide, but have fallen 47.6 percent this year, with the outlook still bleak, analysts said.
Big-cap energy shares led gainers, with PTT, the biggest energy firm, rising 1.2 percent and its PTT Exploration subsidiary adding 3.9 percent.
Indonesia rose 1.08 percent on the day and hit a two-week high in early trade, with Indosat up 2.7 percent, Bank Rakyat 3.9 percent higher and Telkom Indonesia adding 1.5 percent.
Vietnamese shares rose for the third straight day, up
2.5 percent at a four
week high. Outperformers were Sai Son Cement Joint Stock Company, which rose 3.9 percent, and Construction and Mechanical JSC No.1, which gained 5.7 percent.
The Philippine bourse, whose main index has lost almost half its value this year, was closed for a market holiday. FACTORS TO WATCH: Malaysia's YTL plans $287 mln REIT launch- report Thai Nov exports hit by airport closure, global woes Thai PM finally sets out policy, warns on economy Indonesia stock exchange says may scrap tradinglimits Palm surges on crude oil rally, export expectations Vietnam c.bank targets '09 credit growth For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Prev Close Pct Move Singapore 1770.65 1780.57 -0.56 Kuala Lumpur 881.63 867.35 +1.65 Bangkok 449.96 446.70 +0.73 Jakarta 1355.40 1340.89 +1.08 Ho Chi Minh 316.32 308.56 +2.51 Change on year Market Current End prev yr Pct Move Singapore 1770.65 3465.63 -48.91 Kuala Lumpur 881.63 1445.03 -38.99 Bangkok 449.96 858.10 -47.56 Jakarta 1355.40 2745.83 -50.64 Ho Chi Minh 316.32 927.02 -65.88 Stock Market Volume (shares) Market Current Volume Average Volume 90 days Singapore 216,090,600 341,214,167 Kuala Lumpur 95,932,900 242,223,907 Bangkok 1,781,932 3,322,779 Jakarta 794,684,000 1,981,582,400 Ho Chi Minh 15,493 17,145 ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street.... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Singapore diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Banking news Tech,Media,Telecoms Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview Keywords: MARKETS SOUTHEASTASIA STOCKS/ (viparat.jantraprapaweth@thomsonreuters.com; +66 2 648 9733; Reuters Messaging: viparat.jantraprapaweth.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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