Thailand's stock market gained on Wednesday, with demand for energy shares helping it rally from a four-month low, and Indonesia hit a one-week high as foreign inflows helped boost both markets after a recent sell-off.
Thailand saw a net $12.8 million in foreign buying, Indonesia $59.5 million and the Philippines $7.2 million, Reuters data showed. "Concern over high inflation in the region is priced in now," said Harry Su, head of research at Jakarta-based Bahana Securities. "So foreigners are now buying into somewhat oversold markets." In terms of valuations, Singapore is trading at 13.8 times this year's projected earnings, the highest in the region and compared to all-Asia's 12.9. Thailand <http://www.reuters.com/places/thailand> is trading at 11.4, lower than the 13.6 of Malaysia, 13.4 of Indonesia and 12.5 of the Philippines, Thomson Reuters StarMine data shows. Some regional analysts say the valuations are becoming attractive again after the recent fall and foreign buying may gradually pick up.
