SE Asia Stocks-Rise on Wall Street rebound; Philippines, Singapore lead gains

By Rashmi Ashok

Oct 17 (Reuters) - Southeast Asian stock markets rose on

Wednesday, tracking a rebound on Wall Street and as local

investors looked for bargains in the wake of recent losses.

Singapore shares rose up to 1.7 percent after two

straight sessions of falls, with financials and industrials

leading the bounceback. They declined about 4.5 percent last

week in their second straight weekly drop.

"In the case of Singapore, we have been sharing much of the

downside, but not the upside. As valuations remain attractive in

Singapore, it's not surprising to find bargain hunting after the

recent selloff," said Liu Jinshu, director of research at NRA

Capital, referring to last week's rout.

Investor sentiment was also upbeat after data showed

Singapore's non-oil domestic exports growth accelerated in

September, led by a jump in pharmaceutical shipments.

Jardine Matheson Holdings Ltd gained 1.7 percent,

while United Overseas Bank Ltd climbed 2 percent.

Philippine shares rose 2 percent to a near two-week

high, helped by financials. BDO Unibank Inc gained 3.6

percent, while Bank of the Philippine Islands climbed 3

percent.

"Investors are taking advantage of cheap buy-aways from the

PSI, given that they have retreated two standard deviations

below its mean... We might reach up the resistance level again,

the valuations are getting attractive for the Philippines," said

AB Capital Securities analyst Lexter Azurin.

Indonesian shares gained up to 0.5 percent, boosted

by telecom stocks.

Telekomunikasi Indonesia Tbk climbed 1.6 percent,

while Indah Kiat Pulp and Paper Tbk rose 7.6 percent.

Malaysian shares edged higher, helped by tourist

resort operator Genting Malaysia Berhad and airport

services provider Malaysia Airports Holdings Bhd.

Vietnam shares jumped 0.8 percent, boosted by

financial and real estate stocks. Vietnam Technological and

Commercial Joint Stock Bank rose 2.1 percent, while

Vinhomes Joint Stock Co gained 3.2 percent.

Asian equities also got some welcome relief after upbeat

U.S. earnings reports drove a rebound on Wall Street and helped

restore a little faith in emerging market stocks and

currencies.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS AT 0426 GMT

Market Current Previous close Pct Move

Singapore 3086.14 3034.31 1.71

Bangkok 1707.9 1697.87 0.59

Manila 7125.67 6987.02 1.98

Jakarta 5831.935 5800.817 0.54

Kuala Lumpur 1740.62 1736.84 0.22

Ho Chi Minh 970.57 963.37 0.75

Change on year

Market Current End 2017 Pct Move

Singapore 3086.14 3402.92 -9.31

Bangkok 1707.9 1753.71 -2.61

Manila 7125.67 8558.42 -16.74

Jakarta 5831.935 6355.654 -8.24

Kuala Lumpur 1740.62 1796.81 -3.13

Ho Chi Minh 970.57 984.24 -1.39

(Reporting by Rashmi Ashok; Editing by Subhranshu Sahu)