SE Asia Stocks -Thai shares set for best week since March amid political hopes
BANGKOK, May 16 (Reuters) - Thai shares rose on Friday, heading for their best week since March, amid hopes for a solution to the political crisis, while Vietnamese stocks edged higher as investors awaited news on the conflict between Vietnam and China. The key SET index had gained 0.6 percent by midday, taking its gain so far this week to 1.9 percent, the biggest since the week ended March 7. PTT, Advanced Info Service, PTT Exploration and Production and Siam Commercial Bank , which have a combined weightage of 30 percent in the index, led among gainers. "We saw big orders in large caps late in the morning session and some technical-led buying above 1,400. Investors seemed to be hopeful about the Senate meeting," said senior analyst Pichai Lertsupongkij of Thanachart Securities. Thailand's senate is scheduled to meet later in the day to discuss on the domestic political situation while a general election is unlikely to go ahead in July after renewed unrest. Investors also looked forward to the release of the first-quarter GDP data on Monday. According to a Reuters poll, the Thai economy probably shrank by 1.6 percent in January-March from the previous three months. "We are currently reviewing our 2014 GDP growth forecast, pending the release of the first-quarter GDP data. A marked downward revision to our initial 3.1 percent year on year projection is almost a certainty," DBS Group Research said in a report. "With no end in sight, the fear is that confidence on the economy, both from within and from the outside, will continue to fall. There is little to salvage the year for the economy except to see a proper functioning government in place," it said. Stocks in the Philippines fell to their lowest in one week in part due to profit-taking, while shares in Singapore and Malaysia edged down amid early weakness in Asian shares. Indonesian shares were up 0.4 percent, climbing 2.3 percent on the week, and the rupiah led gains among emerging Asian currencies on the day on hopes that opposition parties will win elections. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0650 GMT Market Current Prev Close Pct Move TR SE Asia Index* 423.00 423.04 -0.01 Singapore 3263.79 3272.49 -0.27 Kuala Lumpur 1877.97 1879.83 -0.10 Bangkok 1403.52 1395.21 +0.60 Jakarta 5011.33 4991.63 +0.39 Manila 6804.52 6849.33 -0.66 Ho Chi Minh 527.58 524.05 +0.67 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
© Thomson Reuters 2016 All rights reserved.