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  • Dec 19th, 2012
  • Comments Off on Southeast Asian markets: Malaysian stocks at seven-week high
Malaysian shares climbed to seven-week highs on Tuesday with telecoms stocks such as Axiata Group Bhd led a broad rally while Philippine stocks reversed early loss as investors bought laggard large caps such as SM Investments Corp.

Malaysian index finished up 0.7 percent after two sessions of losses, led by a 3.4 percent gain in Axiata Group and a 1.4 percent rise in DiGi.Com considered by market players as oversold due to their high valuations. Philippine index closed up 0.23 percent, ending four straight sessions of falls but below last week's record finish of 5,831.50.

Concerns over potential intervention to stem strength in regional currencies kept market investors cautious across the board, brokers said. Thai benchmark SET index was up 0.3 percent at 1,362.94, a new closing high in almost 17 years. Singapore's Straits Times Index ended 0.06 percent lower after scaling a 16-month closing high of 3158.70 on Monday.

Copyright Reuters, 2012


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