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Friday May 16, 6:18 PMSE Asian Stocks-Property stocks rise; Thailand hits 6-mth highSINGAPORE, May 16 (Reuters) - Most Southeast Asian stocks rose on Friday with Thailand hitting a six-month peak and Singapore a one-week high, on gains in property stocks such as Land and Houses and City Developments .Singapore's benchmark Straits Times Index rose 1.06, Thailand rose 1.72 percent, Indonesian stocks gained 0.78 percent while Philippine shares edged up 0.06 percent. Malaysian shares were up 0.5 percent but Vietnam fell 1.42 percent, falling to a 21-month low. Stock markets in Singapore, Malaysia and Thailand will be close on Monday due to local holiday. They will resume trade on Tuesday. The Indonesian stock market will close for a public holiday on Tuesday and open on Wednesday. Most markets in the region have recovered from lows hit earlier this year but are still far from last year's record peaks amid worries about a US-led global economic slowdown. "While shares have continued to move higher, we remain of the view that they are likely to see a pull back over the next few months," said Shane Oliver, head of investment strategy at AMP Capital Investors. "We have yet to see the full economic fall out from the U.S. credit crunch and housing slump and the rise in interest rates locally. Further profit downgrades are likely and the May to October period is often difficult for shares," he said. In Singapore, City Developments ended 1.4 percent higher after its chairman told reporters that room rates in the city-state's hotels would continue to rise this year despite the slowing global economy. [ID:nSIN195574] CapitaLand , Southeast Asia's largest property developer, gained 1.3 percent. Keppel Corp , the world's largest offshore rig-maker, rose 2.6 percent after recent contract wins and on higher oil prices, dealers said. Sembcorp Marine , the world's second largest rig-maker, gained 2.2 percent. Oil prices rebounded to near $125 a barrel on firm demand from China and Europe. [O/R] Thailand's biggest housing firm Land & Houses rose 3.3 percent while Asian Property Development gained 3.5 percent after Merrill Lynch kept its "buy" rating for the developer. "We expect strong earnings momentum in 2008. This should be supported by better revenue outlook and cost savings from tax incentives," Merrill Lynch analyst Jiraporn Linmaneechote said in a client note. Gains in Indonesia were headed by energy and property firm Bakrie & Brothers , which rose 1.9 percent and paper maker Indah Kiat Pulp & Paper , which surged 16 percent. In the Philippines, conglomerate Ayala Corp jumped 3.8 percent while Robinsons Land Corp , a developer of office buildings and apartments, rose 4.6 percent. Malaysia's state-owned Petronas Gas rose 2 percent and power distributor Tenaga Nasional closed 1.5 percent higher. Vietnam industrial park developer Itaco rose 1.4 percent but gains were reversed by top dairy firm Vinamilk , which closed down 1.6 percent. (Editing by Ovais Subhani) |
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