SE Asia Stocks-Thai down on political unrest; others mixed

lunes 24 de febrero de 2014 02:55 GYT
 

Feb 24 (Reuters) - Shares in Thailand fell to a near
two-week low on Monday on concerns over violent protest amid
lingering political unrest, while other Southeast Asian stocks
were mixed on caution over the impact of the U.S. Federal
Reserve's stimulus withdrawal.
    Thailand's main SET index was down 0.5 percent at
1,298.29 by midday, the lowest since Feb. 11, led by 2.9 percent
loss in the country's largest mobile operator Advanced Info
Service Pcl (AIS) and 2.4 percent fall in Shin Corp
. 
    Data showed more subscribers had switched to rival mobile
networks, following a call by anti-government protesters to
boycott businesses linked to Prime Minister Yingluck Shinawatra.
 
    Teerada Charnyingyong, a strategist at Phillip Securities,
said the weekend violence that killed three people has weighed
down on the market. 
    "We see the next support level at 1,280 and foreign
investors seem to be in the selling side. We have seen foreign
outflow for the past six straight weeks and we expect this to
continue in this week as well," she said.
    Bangkok has witnessed a foreign outflow of about $970
million in the 20 straight sessions through Friday, mainly due
to offshore investors exiting in the wake of potential rise in
the political unrest.
    Other Southeast Asian stock markets were mixed despite
optimism after a week-end G-20 meeting in Sydney.
     
    The minutes released last week from the Fed's most recent
meeting showed that policymakers generally "anticipated that the
economy would expand at a moderate pace in coming quarters,"
suggesting the pace of stimulus-tapering will continue for now.
    Malaysian shares were down 0.2 percent, while
Jakarta Composite Index fell from a five-month closing
high to 4,635. 
    Citi Research in a note said macroeconomic numbers and
upcoming presidential election will be the key factors monitored
by investors, while stock and sector selection would be the key
for better returns amid sluggish earning expectations. 
    "If the poll results satisfy expectations, beneficiaries
could be banks, cement/construction, media, retail, and
mass-market property."
    At 0619 GMT, Singapore's benchmark Straits Times index
 and the Philippines shares were steady, while
Vietnam's benchmark VN Index rose 0.5 percent at midday
break, lifted by gains in some blue chips and property sector
shares.
           
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0621 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   394.87        395.02       -0.04
 Singapore          3100.18       3099.93       +0.01
 Kuala Lumpur       1826.82       1830.74       -0.21
 Bangkok            1298.39       1304.21       -0.45
 Jakarta            4636.43       4646.15       -0.21
 Manila             6311.24       6308.36       +0.05
 Ho Chi Minh         572.34        570.57       +0.31
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.