SE Asia Stocks-Thai shares weak after more violence; Indonesia falls
BANGKOK, Feb 26 (Reuters) - Thai stocks pared early gains on Wednesday as investors were wary of more violence in Bangkok, while Indonesian shares extended their slide to the lowest in more than one week as profit-taking derailed one of Asia's outperformers this year. Other markets in Southeast Asia took a breather, with Singapore and Malaysia slipping after recent gains, while Philippines edged up amid sluggish Asian shares and a flat finish on Wall Street. Bangkok's SET index was unchanged at 1,303.76 at midday, coming off an intraday high of 1,307.53. Shares of Advanced Info Service erased early gains amid a call by anti-government protesters to boycott businesses linked to Prime Minister Yingluck Shinawatra. Shots fired by unknown gunmen on Wednesday rattled parts of the Thai capital where anti-government protesters have set up camp for weeks, with small but occasionally deadly bombs and gunfire fast becoming the new norm in the city. Shares of banks which announced attractive dividend payouts were among the bright spots, with Siam Commercial Bank rising more than 1 percent. Phillip Securities sees resistance for the index at 1,310. "Political worries would continue to keep a lid on the market's upside potential and take a bigger bite into economic fundamentals," the broker said in a report. Jakarta's composite index edged down 0.5 percent, adding to the falls on Monday and Tuesday, with shares of companies that recently rallied, such as Kalbe Farma, losing on more profit-taking. Kalbe was among the companies that benefit from the rupiah, which has been the best-performing Asian currency so far this year. The index has risen 11.2 percent in U.S. dollar terms year-to-date, and has been Asia's second-best performer, according to Thomson Reuters data. The Indonesian bourse has brought in net foreign inflows of about $880 million this year, regaining some of the outflows of $1.77 billion in 2013. . Trimegah Securities expects the market to fall to 4,502 levels from the current 4,556.77. "With continuous pressure stemming from the regional market correction, we expect JCI to move downward today," the broker said in a report. In Hanoi, Vietnam's benchmark VN Index edged down 0.5 percent as investors sold stocks for quick profits. It has risen 15.8 percent in dollar terms this year and has been Asia's best performer. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0623 GMT Market Current Prev Close Pct Move TR SE Asia Index* 394.55 394.98 -0.11 Singapore 3083.45 3103.62 -0.65 Kuala Lumpur 1827.75 1833.75 -0.33 Bangkok 1303.76 1303.88 -0.01 Jakarta 4556.77 4577.29 -0.45 Manila 6315.83 6295.55 +0.32 Ho Chi Minh 583.09 586.20 -0.53 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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